New Ukraine fund approved by World Bank with money from Canada, U.S.: report – National

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

New Ukraine fund approved by World Bank with money from Canada, U.S.: report – National

Descrease article font size

Increase article font size

The World Bank’s executive board on Thursday approved the creation of a financial intermediary fund (****) to support Ukraine, with contributions expected from the ******* States, Canada and Japan, three sources familiar with the decision said.

The only objection to the vote came from Russia, two of the sources familiar with the vote said.

The fund, to be administered by the World Bank, will help fulfill a pledge by Group of Seven countries to provide Ukraine with up to $50 billion in additional funding by the end of the year, the sources said.

Exact amounts to be contributed by the U.S., Japan and Canada are still being worked out, but will be backed by interest from frozen Russian sovereign assets, one of the sources said.

data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==

Get breaking National news

For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.

World Bank President Ajay Banga told Reuters in May that he was “absolutely” open to the idea of managing a G7 loan fund for Ukraine backed by the earnings from frozen Russian sovereign assets – at least for non-military purposes.

Story continues below advertisement

This is the hidden content, please

• Sign In
• or
• Sign Up

/applications/core/interface/js/spacer.png">

5:52
****** is ‘planning attacks’ on Ukraine’s nuclear power plants, Zelenskyy warns UN

Trending Now

data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==

Hurricane Milton: Some Floridians refuse to evacuate — here are their reasons

data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==

Roof of Tropicana Field ripped, torn to shreds by Hurricane Milton

The assets were frozen shortly after Russia launched a full-scale invasion of Ukraine in February 2022.

Banga in May said the World Bank had ample experience in managing similar non-military donor fund facilities, including one for Afghanistan. It could replicate that work for a Ukraine loan, he said.

The World Bank vote came a day after ********* Union envoys agreed to give Ukraine up to 35 billion euros as part of the bloc’s share in a larger planned loan from the G7 nations, also backed by proceeds from the frozen Russian central bank assets, a statement from the Council of the EU said.

The new fund will allow non-********* countries to participate in the broader loan.

The G7 and ********* Union announced in June they would provide a $50 billion loan to help Ukraine, serviced by profits generated by Russian assets immobilized in the West.

Story continues below advertisement

—Reporting by Andrea Shalal; editing by David Ljunggren and Leslie Adler

More on Canada
More videos

This is the hidden content, please

• Sign In
• or
• Sign Up

#Ukraine #fund #approved #World #Bank #money #Canada #U.S #report #National

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up