The World Bank approved Thursday three new projects for Ukraine amounting to USD 1.48 billion, which are part of the Group's overall assistance to the Eastern European country announced in March this year, which aims to provide up to USD 3.5 billion by the end of 2014.
World Bank Group President Jim Yong Kim said in a statement that the Ukrainian authorities "have developed a comprehensive program of reforms, which they are committed to undertake with support from the World Bank Group.
"We are stepping up our assistance to Ukraine because we want to help improve the lives of people in the country and to achieve economic recovery at a crucial time," he affirmed.
He added "the country's leaders are determined to improve public services and back much-needed reforms, and we're determined to help them." The World Bank noted "with these new investments, the current World Bank's lending portfolio will amount to USD 3.39 billion through 11 operations in the country." Since Ukraine joined the World Bank in 1992, the Bank's commitments to the country have totaled over USD 8.5 billion for 43 projects and programs.
"This new financing will be reinforced by technical assistance and policy dialogue to help drive forward the essential structural and macroeconomic reforms," the World Bank said