World Bank announces grant of $200 million to repair Ukraine's energy infrastructure
An office building is burned to the ground and destroyed following shelling in Chasiv Yar.
The World Bank on Wednesday (April 12) announced a grant of $200 million for repairing Ukraine's energy infrastructure. In a statement, the World Bank said that Russia damaged over 50% of Ukraine's power infrastructure in attacks on its neighbour over the autumn and winter months. The statement added that Ukraine's east, where fighting is fiercest, has been particularly hard hit.
The World Bank added that the funds were provided by the Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund (URTF), with a goal of up to $300 million in additional funding from partners "as the project expands its scope."
Anna Bjerde, the World Bank Managing Director of Operations, said on Wednesday that energy infrastructure suffered $11 billion in damages over the last year and was one of the areas where Ukraine needed urgent support.
This announcement by the World Bank comes ahead of the spring meetings of the International Monetary Fund (IMF). During the event, Ukrainian President Volodymyr Zelensky thanked partners via video link for their support and urged further backing.
"By rebuilding what has been ruined, we defeat the goal of terror, we return the normal life," President Zelensky said.
On March 31, the IMF announced that it had approved a $15.6 billion support package for Ukraine, forming the fund's portion of a $115 billion overall support package.
A recent study by the World Bank, the United Nations (UN), the European Commission, and Ukraine said that the war-torn country would need an estimated $411 billion for recovery and reconstruction.
The sum is an increase on the $349 billion estimated in September last year and is likely to only grow as the war continues.
WATCH WION LIVE HERE
You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.