Prime Minister Denys Shmyhal announced that Ukraine has received $4.8 billion through the World Bank’s PEACE project, marking the largest investment in the Bank’s history.
The PEACE initiative (Public Expenditures for Administrative Capacity Endurance) is the World Bank’s primary financial instrument for Ukraine, uniting international donors to provide rapid and predictable support during the war. This funding supports reforms and projects in social services, education, healthcare, agriculture, and reconstruction efforts.
Since the start of the full-scale war, Ukraine has raised nearly $50 billion through World Bank mechanisms. This aid is primarily funded by the United States and other development partners.
- In mid-November, Shmyhal announced plans to secure an additional $1 billion from the World Bank and €150 million from the European Union, with funds allocated to port infrastructure restoration and rapid reconstruction projects. Recently, Ukraine’s Ministry of Finance and the World Bank signed agreements for $750 million under the Supporting Recovery through Sound Fiscal Management project, with $400 million to be delivered by year-end.
- Meanwhile, the European Union is urging businesses to contribute to Ukraine’s recovery. EU companies have until 1 March 2025 to submit proposals for investment in reconstruction initiatives.