WASHINGTON: The World Bank said Friday that it has approved an initial $50 million grant to help restore Ukraine’s transport network, as war rages on nearly a year since Russia launched its invasion.
The new project aims to repair Ukraine’s transport infrastructure to help with immediate humanitarian relief, while boosting the capacity of trade routes, said the development lender in a statement.
It is expected that added funding of up to $535 million will follow “shortly,” the bank said.
“Russia’s invasion of Ukraine continues to have devastating economic and humanitarian consequences,” said Anna Bjerde, World Bank Vice President for Europe and Central Asia.
She added that “Ukraine needs urgent investments to repair damaged essential transport routes.”
The project “will help to restore essential bridges and railways to relink communities and improve westward transport linkages to mitigate impacts of Black Sea shipping disruptions,” said the World Bank.
Ukraine says it shot down 61 of 71 missiles Russia fired in latest attacks
The financing comes under the Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund.
According to the World Bank, thousands of villages and dozens of towns and cities in areas that have returned to the Ukraine government’s control are seeing disrupted transport because of the war.
Direct damage to Ukraine’s transport network totals more than $29.9 billion while economic losses from disrupted movements come up to another $26.1 billion as of mid-2022.
In December, the bank approved a $610 million package aimed at sustaining essential services and supporting health care.
The World Bank has so far mobilized over $18 billion in emergency financing for Ukraine, with more than $16 billion since disbursed through projects.
Comments
Comments are closed for this article.