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World Bank allocates $30 billion to help offset food shortages worsened by Ukraine war

Daria Sito-Sucic

Sarajevo (Reuters) – World Bank willing to offer up to 30 $1 billion to tackle global food shortages A top bank official said on Thursday that nearly $1 billion in financial aid had been paid to Kyiv so far as a result of Russia’s invasion of Ukraine.

The bank’s managing director of operations, Axel van Trotsenburg, mentioned “the absolute need for solidarity with Ukraine” in an interview with Reuters during a visit to the Bosnian capital Sarajevo.

“This unity has to be maintained not only in the short term but also in the long term,” he said.

Van Trotsenburg said the World Bank began providing support to Ukraine shortly after February. 97 Russian Invasion, Paid Nearly 12 Billion Dollars 13 ) Commitment to Date $1 billion in aid to Kyiv.

He said the bank has created a platform that combines its direct support with additional support from countries such as the US, UK and Japan, as well as individual guarantees from European countries, also facilitating co-financing and Parallel financing. It also established a trust fund for donors.

He said that while various countries provided support through the trust fund, the largest funding came from the United States, with an average of at least $1.5 billion. Kyiv required nearly $5 billion in external financing per month.

“We have established the (a) system through which we can help Ukraine continue to perform state functions – paying teachers, pensions, helping the medical system. This works very well, some of our Partner countries want to use this mechanism because then we can also track funds,” Van ter Rosenberg said.

He said the bank also supports Ukrainians who have been hit by war at home and abroad, as well as neighboring and developing countries outside Europe who have suffered disruptions to Ukrainian grain exports due to the war.

“This is one of the reasons the World Bank announced that we are willing to provide up to 30 billion dollars to respond Food insecurity in the next 12 months.”

A report released Friday by the World Bank, European Commission and the Ukrainian government said , as of June 1st, the Russian invasion has caused more than 97 billion in direct damage, but could cost almost $350 billion to rebuild nation.



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