Dear readers,
Embark on a journey through the unfolding narrative of Ukraine’s post-February 24, 2022, landscape with our series of insightful articles. As events continue to shape the nation’s trajectory, our comprehensive coverage aims to provide clarity, context, and analysis. From the political upheavals to the socio-economic repercussions, join us as we delve into the complexities, challenges, and triumphs shaping Ukraine’s evolving narrative in the wake of February 24th.
Here is the May newsletter update with the following regular highlights to be followed.
Ukraine’s defense and resilience have seen significant strides, marked by the approval of a $61 billion US financial aid package by both the House of Representatives and the Senate, and subsequent signing by the President of the United States. Since February 2022, the World Bank Group has mobilized over $42 billion in financial support to Ukraine, of which nearly $36 billion has been disbursed in May 2024. 95% of this financing was provided by development partners.
| Total Support Mobilized by the World Bank Group | $42,034 | million |
| Financing of Recovery from Economic Emergency in Ukraine (FREE Ukraine) | $2,252 | million |
| Supplemental Budget Support (FREE SDPL) | $350 | million |
| Bilateral Guarantees: | $134 | million |
| Netherlands | $84 | million |
| Sweden | $50 | million |
| Bilateral Grant Financing to FREE Multi Donor Trust Fund: | $1,168 | million |
| United States | $1,000 | million |
| UK | $92 | million |
| Norway | $31 | million |
| Denmark | $22 | million |
| Austria | $11 | million |
| Latvia | $6 | million |
| Lithuania | $6 | million |
| Iceland | $1 | million |
| Japan Parallel Budget Support Linked World Bank FREE SDPL | $600 | million |
| Public Expenditures for Administrative Capacity Endurance (PEACE) | $25,517 | million |
| Emergency Public Service Support IPF (PEACE) | $1,008 | million |
| Bilateral guarantees to PEACE IPF: | $3,107 | million |
| UK | $1,950 | million |
| IBRD loan through credit enhancement from ADVANCE Ukraine TF (backed by Japan) | $1,086 | million |
| Denmark | $30 | million |
| Netherlands | $21 | million |
| Latvia | $10 | million |
| Lithuania | $10 | million |
| Bilateral Grant Financing to PEACE MDTF: | $20,917 | million |
| US | $20,250 | million |
| Japan | $470 | million |
| Germany | $52 | million |
| Spain | $50 | million |
| Finland | $37 | million |
| Switzerland | $32 | million |
| Ireland | $21 | million |
| Belgium | $3 | million |
| Iceland | $2 | million |
| Other Grant Financing to PEACE (URTF) | $485 | million |
UKRAINE RELIEF, RECOVERY, RECONSTRUCTION AND REFORM TRUST FUND (URTF)
KEY FIGURES
The URTF’s support is already making an impact, with over 14.6 million beneficiaries by the end of 2023.
| Under the HOPE housing project, 65,000 applications were submitted, beneficiaries have received $100 million in compensation for home repairs by end of 2023. | The URTF attracted over $1.5 billion in donor support, with more than $1.3 billion programmed to enable emergency relief operations and technical assistance. | ||
The URTF will continue to implement its critical capacity-building, technical assistance, and other support programs, and to engage partners through fundraising
| In 2024, the URTF remains focused on ensuring successful implementation of approved projects. | The URTF will present its next AWP for the period through June 2025 at its Annual Partnership Council Meeting in April 2024. |
| The URTF will also continue to implement its critical capacity-building, technical assistance, and other support programs | The World Bank will continue to engage and support partners through URTF fundraising. |
Among Significant Events…
Spring Meetings of the World Bank 2024 (Washington, D.C.)
Numerous initiatives announced last year regarding the institution’s renewal have enabled the World Bank Group to unveil new ambitious projects at the spring meetings. The agenda includes discussions on financial aid and support for Ukraine.
G7 Ministers’ Meeting on Climate, Energy, and Environment (Turin)
During the G7 meeting held on April 29-30, 2024, in Turin, the ministers of climate, energy, and environment made the following confident statements:
“We condemn the direct attacks on electricity production and the power grid and will continue to assist Ukraine in repairing and restoring its critically important energy and environmental infrastructure, intentionally destroyed by Russia. We reaffirm our strong support for Ukraine’s energy security, including through the G7+ Coordination Group on Ukrainian Energy Issues and Green Reconstruction… Emphasizing the urgency of taking action in this critical decade at all levels, we commit to closely cooperating with all partners, highlighting the key role of international cooperation in achieving global climate, energy, and environmental commitments.”
Visit of the German Development Minister to Kyiv (May 9, 2024)
Germany has pledged its support in rebuilding Ukraine’s energy system, damaged by missile strikes during Russia’s invasion over the past two years. During her visit to Kyiv, German Development Minister Svenja Schulze stressed the critical importance of a reliable power supply for Ukraine’s resilience in the conflict. Preparing for the upcoming Ukraine Recovery Conference in Berlin on June 11-12, Schulze participated in discussions with President Volodymyr Zelensky and mayors of various Ukrainian cities to strengthen energy cooperation agreements. The German development bank KfW allocated 45 million euros in grants to the Ukrainian energy provider “Ukrenergo” for the repair of energy infrastructure and to promote Ukraine’s integration into the Western European energy system.
Through active participation in international conferences, our experts at Moore stay abreast of the latest developments in the fields of energy, reconstruction, charity, non-profit sectors, fundraising, and more! This allows us to provide unwavering high-level support to our clients.
