The World Bank said today that it has formed a multi-donor trust fund with the goal of assisting the Ukrainian government as it deals with the country’s immediate needs as a result of the ongoing conflict and then addresses relief and eventual recovery, a World Bank press release states.
The World Bank-managed Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund (URTF) will offer a coordinated financing and support mechanism to help the Government of Ukraine maintain its capacity to administer and provide services, carry out relief operations, and plan and carry out Ukraine’s reconstruction and reform agenda.
Additionally, the Fund will contribute funds for vital consulting and research tasks related to relief and reconstruction activities.
Contributors to the URTF include Austria, Iceland, Lithuania, the Netherlands, Norway, and Sweden, with a founding pledge of $250 million from Switzerland leading the way. The URTF has also received help from Canada and Japan, and more allies are anticipated.
Because of the war’s uncertainties, Ukraine’s development partners must fund recovery and reconstruction efforts over the long term.
Additional potential shocks could result in increased needs over various time frames, including pandemics, infectious disease outbreaks, and disasters connected to climate change, among other potential risks.
Therefore, throughout an initial 10-year period, the Fund is designed as a flexible platform to quickly respond to Ukraine’s changing context and needs, facilitating overall responsiveness to new crises and shocks.
The Multi-Donor Resources for Institutions and Infrastructure (MRII – “I”) for Ukraine Facility, which is part of broader international support for Ukraine and is coordinated by the World Bank Group, will serve as the umbrella organization under which the URTF will function.
Including commitments and pledges from donors, the World Bank has so far mobilized $18 billion in emergency funding to support the people of Ukraine; more than $13 billion of this financing has been disbursed. The severe human and economic effects of the ongoing war have been addressed with the aid of this crucial support.
