The World Bank will create a $17B trust fund for Ukraine.
The World Bank is already working on fundraising and plans to create a new $17B trust fund at Ukraine’s request, which is needed for urgent reconstruction by the end of 2023. According to Roman Kachur, deputy director for Ukraine at the World Bank, the symbolic name of the fund will be MRIYA – Multidonor trust fund for recovery and institution and infrastructure. He also noted that a report, “Rapid Assessment of Damage and Needs in Ukraine” determined that in the next 18-36 months, Ukraine will need $105B for reconstruction. But this is an unaffordable amount for either donors or the government, so the Cabinet of Ministers identified the highest priority needs to address with the $17B. Trust funds should perform as a multiplier, so that for every $1 provided by donors, Ukraine could receive $2-$3. Kachur specified that fund collection began on September 9.