July 14, 2024
World Bank Pledges $200m To Repair Ukraine Energy Infrastructure
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World Bank Pledges $200m To Repair Ukraine Energy Infrastructure

The World Bank has announced a grant of $200 million toward repairing Ukraine’s energy infrastructure, as officials from the war-torn country met with financial institution leaders in Washington. 

According to a statement by the global financial institution, Russia is reported to have damaged more than 50 percent of Ukraine’s power infrastructure in attacks over the autumn and winter months. 

It noted that Ukraine’s East, where fighting was fiercest, had been particularly hard hit. 

The funds were provided by the Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund, with a goal of up to $300 million in additional funding from partners as the project expands its scope. 

The project will target emergency repairs to electricity and heating infrastructure. 

World Bank Managing Director of Operations, Anna Bjerde, says Ukraine Energy infrastructure has suffered $11 billion in damages over the last year and is one of the most critical areas where Ukraine needs urgent support.  

To date, the World Bank has mobilised more than $23 billion in financing for Ukraine since Russia invaded in February last year, with $20 billion disbursed so far. 

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