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The World Bank Group is putting together financial help for Ukraine.
It is preparing to distribute $700 million in loans this month, according to the BBC.
World Bank President David Malpass spoke on the phone with Ukraine’s President Volodymyr Zelenskyy on Friday.
The bank’s board is now reviewing a $500 million loan proposal.
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World Bank President David Malpass. ( Reuters / Reuters Photos)
The proposal is called the Financing of Recovery from Economic Emergency in Ukraine (FREE Ukraine), according to a readout of the call and seen by the BBC.
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Zelenskyy tweeted about the financial support.
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The bank has set up $200 million in fast-disbursing support as well as a multi-donor trust fund (MDTF) to help channel grant resources from donors to Ukraine.
Malpass said on Friday that World Bank shareholders were “horrified” by the war in Ukraine and there is a fear for what Russia’s invasion will do to world energy and food markets.
