World Bank Says Approved $1.5Bln Loan, Guaranteed by Japan, to Address Ukraine's Needs

MOSCOW (Sputnik) - The Board of Executive Directors of the World Bank approved Thursday a $1.5 billion loan, guaranteed by the Japanese government, for Ukraine to address the needs of displaced people and support reforms to "enhance the transparency and accountability of public resources expenditures."

"The World Bank’s Board of Executive Directors today approved the $1.5 billion Ukraine Relief and Recovery Development Policy Loan (DPL). This loan is guaranteed by the Government of Japan under the Advancing Needed Credit Enhancement for Ukraine Trust Fund (ADVANCE Ukraine) and forms an integral part of the international support package for Ukraine to meet its financing needs in 2023," the World Bank said in a statement on the website.

The loan will help to address the needs of "the newly poor and displaced because of the war by providing relief to households," support reforms "to enhance the transparency and accountability of public resources expenditures" and help markets to function better during and after Russia's special military operation in Ukraine and contribute to economic recovery through reforms, the statement read.