Support aims at helping businesses weather the steep recession expected in 2022 as a result of Russia's invasion, and eventually to rebuild shattered country
World Bank president David Malpass. Picture: BLOOMBERG/AL DRAGO
About $1bn is to come from the International Finance Corporation , as the development institution is known, according to people familiar with the discussions who asked not to be identified. The remaining funds will come from various nations, though those plans still need to be finalised, one of the people said. The plans were in progress before Monday’s missile attacks on Kyiv and other cities.
The IFC fights global poverty by promoting the growth of the private sector in developing countries. It lent more than $30bn in its latest fiscal year, part of almost $115bn loaned by the World Bank, whose other arms focus on aid to the world’s poorest countries, global development and risk insurance.
The goal is to help Ukraine provide quality temporary accommodation for thousands of people who had to flee the war-affected eastern and southern parts of the country.
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