The World Bank’s executive board has approved $2.05 billion in funding for Ukraine, including the first grant from a new $20 billion U.S. loan fund backed by frozen Russian sovereign assets.

They approved a $2.05 billion funding package for Ukraine, which includes a $1.05 billion loan enhanced by guarantees from Japan and Britain.

The package is part of a new $20 billion U.S. loan fund, backed by frozen Russian assets, to help Ukraine’s financial stability.

The funding is the first from the G7-backed $20 billion loan plan, agreed upon by G7 nations in October.

The package includes budget support and policy reforms for Ukraine’s economy, focusing on areas like the railway sector, renewable energy, agriculture credit, and state banking involvement.

The reforms also target improving revenue generation, aligning motor fuel taxes with the EU, and updating government procurement laws.

The World Bank praised Ukraine for stabilising its economy despite war challenges and working towards EU membership.

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