World Bank says it will send $1.5 billion in aid to Ukraine

The bank has pledged about $4 billion in total to the war-torn country.

Published: June 8, 2022 12:25pm

Updated: June 8, 2022 12:59pm

The World Bank has announced it will send $1.5 billion in additional aid to Ukraine to pay the salaries of government and social workers in the war-torn country.

The aid, announced Tuesday, is reportedly being funded by Italy, Lithuania, the United Kingdom, Latvia and the Netherlands, in addition to expected future guarantees from Denmark.

The additional financing from the bank is part of a roughly $4 billion package to Ukraine, from which nearly $2 billion has already been dispensed.

The funding taps out the bank's total pledged support to Ukraine at about $4 billion, $2 billion of which has already been dispersed.

"The World Bank Group is providing continuing support for Ukraine and its people in the face of the ongoing war," bank President David Malpass, said in a statement. "We are working with donor countries to mobilize financial support and leveraging the flexibility of our various financing instruments to help provide Ukrainians with access to health services, education and social protection."

Late last month, the U.S. approved a $40 billion aid package for Ukraine, and the Biden administration announced it would send a $700 million weapons package that includes medium-range advanced rockets to the country. 

The war in Ukraine has been playing out for about three-and-a-half months now. Russia's initial strategy to focus on seizing Kyiv has been refocused on the territory in the Donbas region. 

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