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The World Bank headquarters in Washington, DC, on Sept. 27, 2022. Photo for illustrative purposes. (Samuel Corum/Bloomberg via Getty Images)
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Ukraine has received a $4.8 billion loan from the World Bank through the PEACE project for social expenditures, Prime Minister Denys Shymhal said on Nov. 27.

"We are very grateful to the United States and the development partners who are financing assistance under the PEACE project," Shmyhal said on X.

As the ongoing full-scale Russian invasion continues to put pressure on Ukraine's economy, the World Bank plays a crucial role in supporting the country.

The Public Expenditures for Administrative Capacity Endurance Project (PEACE) helps to provide funding for pensions, support for internally displaced persons (IDP), and salaries for teachers, first responders, and other state employees.

"We thank the World Bank for its continued commitment and active support of initiatives that strengthen Ukraine."

Finance Minister Serhii Marchenko and the World Bank's Eastern Europe Operations Manager Kevin Tomlinson signed the agreement for the loan on Nov. 22.

Since the beginning of the full-scale invasion, about $35.5 billion has already been allocated through the PEACE project to support social expenditures of Ukraine's State Budget, Ukraine's Finance Ministry said.

Global entrepreneur organization Endeavor launches first Ukraine office to boost growth amid war
The New York-based global entrepreneur network Endeavor has opened its first office in Ukraine, signaling confidence in the country’s business potential.

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5:03 PM

Azov ex-commander on the need to reform Ukraine's army.

The Kyiv Independent's Francis Farrell sits down with the former commander of Ukraine's Azov Brigade, Lieutenant Colonel Bohdan Krotevych, to discuss the situation on the front line after three years of Russia's full-scale war, why he thinks Ukraine should change its culture of military leadership, why the U.S. army doctrine wouldn't work for Russia's war against Ukraine, and shares his takes on Russia's next steps after a potential ceasefire.
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