The World Bank will create a fund that will help the US, Canada, and Japan participate in financing the promised $50B G7 loan to Ukraine for.

The creation of the Financial Intermediation Fund (FIF) to assist Ukraine was supported on October 10 by all members of the international financial organization, with the exception of Russia. The fund’s donors will be the US, Canada, and Japan. The size of the individual contributions has not yet been determined, but they will be financed with income from frozen Russian sovereign assets. This financial assistance, in the total amount of $50B, was supposed to be delivered by the end of the year from the G7 countries, €35B ($38.3B) of which the EU Council agreed to provide on October 9.

The Prime Minister of Ukraine, Denys Shmyhal, also announced the creation of a corresponding fund on October 11 of at least $10B. The primary donor will be the US, and in the future, the size of the fund may increase when other donors join it. The fund’s money will primarily be used to support Ukraine’s budget – wages and social expenses, as well as critical recovery needs.