UK to give Ukraine $500M through World Bank project

That's according to the Ukrainian Finance Ministry's press service, Ukrinform reports.

"Today, on December 23, 2022, Minister of Finance Sergii Marchenko and World Bank Regional Director for Eastern Eure (Ukraine, Belarus and Mdova) Arup Banerji signed an Agreement on the provision of the fourth Additional Financing to Ukraine under the joint project Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE) with the International Bank for Reconstruction and Develment (IBRD) and the International Develment Association (IDA). The loan amount is $500 million," the report said.

According to the report, the loan will be provided on concessional terms under UK guarantees: the loan maturity is 18.5 years with a five-year grace period. The interest rate is 0.25% per annum.

"The United Kingdom is one of the leaders in supporting Ukraine in the fight against Russian invaders. Thanks to such reliable partners, we have the portunity to ensure the prer financing of priority expenditures. I am grateful to the UK Government and the World Bank team for their unwavering position in support of Ukraine. We he for fruitful coeration next year, which will help us to win this war," Marchenko said.

The funds will be directed to reimburse state budget expenditures for child and family benefits, salaries of employees of state-owned higher education institutions, and utility payments.