World Bank creates new fund for Ukraine with support from the US, Japan and Canada - Reuters
Kyiv • UNN
The World Bank Board of Directors has approved the establishment of a Financial Intermediary Fund for Ukraine. The Fund will receive funds from the United States, Japan, and Canada.
The World Bank's Board of Directors has approved a new fund for Ukraine, with funds from the United States, Japan and Canada. This was reported by Reuters, according to UNN.
Details
It is noted that on Thursday, the World Bank's Board of Directors approved the creation of a Financial Intermediary Fund (FIF) to support Ukraine, to which contributions are expected from the United States, Canada, and Japan.
Russia was the only one to vote against, two of the sources familiar with the vote said.
According to the newspaper, the fund, which will be managed by the World Bank, will help fulfill the promise of the Group of Seven (G7) countries to provide Ukraine with up to $50 billion in additional financing by the end of the year.
The exact amounts of contributions from the United States, Japan, and Canada are still being discussed, but they will be supported by interest on frozen Russian sovereign assets.
The World Bank vote came a day after European Union officials agreed to provide Ukraine with up to 35 billion euros from frozen Russian assets.
