The World Bank will create an intermediary fund to finance Ukraine
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The World Bank's Executive Board agreed to establish a financial intermediary fund. It will support Ukraine, and it is already known which countries will make their first contributions.
This was reported by Reuters, citing its own sources.
What is known about new financial fund for Ukraine by The World Bank
According to Reuters sources, the first contributions to the newly created fund will come from the United States, Canada and Japan. The only country that voted against the creation of such a fund was Russia.
The fund will be administered by the World Bank and will help fulfill a pledge by G7 leaders to provide Ukraine with up to $50 billion in additional funding by the end of 2024.
The amounts of contributions from Canada, Japan and the United States are not yet known, but they will be provided from frozen Russian state assets, according to a source.
The vote came just one day after EU officials agreed to provide 35 billion euros to Ukraine. The senior director of the Atlantic Council's Center for Geoeconomics said such decisions would help the G7 countries significantly increase funding for Ukraine and fulfill promises made at the June summit.
Meanwhile, there has been no official announcement of such a decision from the U.S. Treasury Department or the White House. Japanese and Canadian authorities also declined to comment.
As a reminder, the EU recently agreed to provide Ukraine with a non-repayable loan of 35 billion euros, which will be financed from the blocked Russian assets of the Central Bank.
As we reported, the EU has officially approved new mechanisms for imposing sanctions against Russia. The new rules will allow restricting the rights of people and organizations that pose a threat to the European Union.
Recently, it also became known that France will provide new military aid to Ukraine.
