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World Bank commits $3 Billion for Programs & Projects in Ukraine in 2014

OTHER NEWS AFFECTING PROJECTS & PM 

10 March 2014 – Washington, DC, USA – The World Bank Group has announced that it stands ready to continue supporting the Ukrainian people with up to US$3 billion in 2014. The funds will be in support of reforms and various projects in the country.

140310-pmwj21-$3billion-IMAGE“We are committed to supporting the people of Ukraine in these difficult times and very much hope that the situation in the country stabilizes soon,” said World Bank Group President Jim Yong Kim (pictured right). “We are moving forward with our pipeline of projects and aim to support the government to undertake the reforms badly needed to put the economy on a path to sustainability.”

As the country’s long-term development partner, the World Bank Group has been implementing an on-going investment and guarantee program of about US$3.7 billion, supporting improved basic public service delivery in areas such as water supply, sanitation, power and roads, and supporting the private sector.

Ukraine’s economy is facing a number of serious challenges that will require urgent action in the short term as well as sustained reform over the medium and longer term.  Priorities will need to be given to restoring macroeconomic stability, strengthening the banking sector, reforming the energy sector, seriously tackling corruption and improving accountability, enhancing the investment climate and better targeting social assistance towards the poor and the vulnerable.

The World Bank Group stands ready to assist the government with formulating and implementing a comprehensive program of structural reforms to address these challenges. For more about World Bank projects in Ukraine, go to http://www.worldbank.org/en/country/ukraine.

The World Bank Group is comprised of five closely associated institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which together form the World Bank; the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). Each institution plays a distinct role in the mission to fight poverty and improve living standards for people in the developing world. For more information, please visit www.ifc.org, www.worldbank.org, and www.miga.org.

Since 1947, the World Bank has provided financing for more than 11,000 projects in over 100 countries.  To learn more about past and current IBRD projects, visit http://web.worldbank.org/WBSITE/EXTERNAL/PROJECTS/0,,contentMDK:21790401~menuPK:5119395~pagePK:41367~piPK:51533~theSitePK:40941,00.html

Source: The World Bank