Washington: The World Bank has announced a significant financial commitment of $81 billion to aid in the reconstruction and recovery of Ukraine, a nation devastated by over three years of war. This announcement came during the Ukraine Recovery Conference held in Rome on July 10 and 11, which brought together representatives from governments, global financial institutions, and development organizations to coordinate international support for Ukraine’s future. Ukrainian President Volodymyr Zelensky also attended the event, shortly after meeting Pope Leo XIV at Castel Gandolfo, highlighting the high-level diplomatic and humanitarian focus surrounding the conference.
Anna Bjerde, the World Bank’s Managing Director of Operations, outlined the multifaceted approach the institution is taking to assist Ukraine during this challenging time. Speaking to Vatican News, she emphasized that the World Bank’s mission has been anchored in three main areas: sustaining essential public services, facilitating emergency repairs to critical infrastructure, and laying the groundwork for Ukraine’s long-term economic revival. According to Bjerde, the World Bank has not only provided its own funding but has also mobilized significant support from Ukraine’s key development partners through various platforms, trust funds, and financial mechanisms. The institution’s financial assistance has been used to pay teachers, healthcare workers, and social safety net providers vital services that ensure continuity in a country facing constant disruption.
The scale of destruction in Ukraine is vast. In February, the World Bank released its fourth damage and needs assessment, revealing that Ukraine would require approximately $524 billion over the next ten years to fully recover. Particularly alarming is the state of the energy sector, where damages have increased by 70% in just one year. In response, the World Bank has facilitated the supply of critical equipment for energy repairs while also promoting renewable energy projects, including wind energy ventures supported through its private sector arm, the International Finance Corporation (IFC). These projects aim to stabilize Ukraine’s energy grid and build resilience against further attacks.
Trade and transportation have also been severely disrupted due to the war, especially with the intermittent blockade of Black Sea routes. The World Bank has supported Ukraine by funding the reconstruction and reinforcement of railway lines and roads to ensure continuity in exports and facilitate the movement of goods. Administrative processes related to trade have also been streamlined, helping to increase exports and attract direct investment despite the ongoing conflict.
Agriculture, which has long been a backbone of the Ukrainian economy, has received direct support from the World Bank. This assistance has enabled farmers to maintain and even increase their crop yields, which not only supports food security but also sustains rural livelihoods and contributes to the country's export earnings. The resilience of the agricultural sector has been a key factor in maintaining economic activity during the war.
Ukraine’s industrial sector, heavily impacted by the destruction of infrastructure and supply chain disruptions, has also been a priority for the World Bank. The focus has been on rebuilding connectivity and energy access while helping businesses gain access to finance and reduce investment risks. The Bank has engaged with both domestic enterprises and international companies, encouraging global investors to explore opportunities in Ukraine. By providing trade finance and blended financing solutions, the World Bank aims to bridge the gap between urgent needs and long-term development.
Bjerde shared moving personal experiences from her visits to Ukraine, praising the unwavering spirit of the Ukrainian people. She described railway workers who, despite threats of bombardment, ensure the safe movement of passengers across the country. She also highlighted the courage of teachers, healthcare professionals, utility workers, and government employees who continue to serve their communities, even from bomb shelters. Their determination to preserve a sense of normalcy and national pride has inspired the World Bank’s teams and reinforced their commitment to remain active on the ground in Kyiv.
The World Bank’s support for Ukraine goes beyond numbers. It reflects a deep solidarity with a nation that continues to resist aggression while striving for recovery and dignity. As the war continues to test Ukraine’s resilience, this financial mobilization marks a powerful vote of confidence in the country's future, signaling that the international community is prepared to stand with Ukraine not only in times of crisis but throughout its journey of rebuilding and renewal.