The World Bank has announced a grant of $200 million to repair Ukraine’s energy infrastructure, which has been damaged by Russia. According to the statement, over 50% of Ukraine’s power infrastructure was damaged by Russia during the autumn and winter months, with eastern Ukraine, where fighting is heaviest, being the worst hit. The funds will come from the Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund (URTF) and additional funding of up to $300 million from partners is expected as the project expands its scope.
Anna Bjerde, the World Bank Managing Director of Operations, stated that energy infrastructure suffered $11 billion in damages over the past year, and this is one of the areas where Ukraine requires urgent assistance. The announcement was made ahead of the International Monetary Fund (IMF) spring meetings, during which Ukrainian President Volodymyr Zelensky thanked partners for their support and urged further assistance.
The World Bank, the UN, the European Commission, and Ukraine conducted a recent study, which revealed that the war-torn country would need an estimated $411 billion for recovery and reconstruction, an increase from the $349 billion estimated in September of the previous year. The amount is expected to increase further as the war persists.
President Zelensky emphasized the importance of rebuilding what has been destroyed to defeat the goal of terror and return to normal life. The IMF approved a $15.6 billion support package for Ukraine on March 31, which forms part of a $115 billion overall support package.
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