The Ministry of Finance and the World Bank have signed a $15 billion Grant Agreement funded by the US. These funds are secured by future revenues from frozen russian assets under the ERA Mechanism

Ukraine's Minister of Finance Sergii Marchenko and the World Bank Regional Country Director for Eastern Europe Bob Saum signed the Grant Agreement under the World Bank Public Expenditures for Administrative Capacity Endurance (PEACE in Ukraine) Project. The total funding amounts to USD 15 billion.

These are the funds from the Facilitation of Resources to Invest in Strengthening Ukraine Financial Intermediary Fund (F.O.R.T.I.S. Ukraine FIF) hosted by the World Bank. This funding is received from the U.S. government’s USD 20 billion Extraordinary Revenue Acceleration (ERA) loan, which is part of the G7 commitment to support Ukraine with USD 50 billion secured by proceeds from immobilized Russian sovereign assets.

Earlier, Ukraine received the first tranche of USD 1 billion from this USD 20 billion contribution through the World Bank's Second Growth Foundations Development Policy Loan (DPL).

The US funds under PEACE in Ukraine will be allocated to:

• Salaries for healthcare, education, emergency response workers, and civil servants;

• Social support for low-income families, internally displaced persons, persons with disabilities, and families with children (including maternity and childbirth assistance, child adoption, and single-parent support).

“We are entering 2025 confident in our ability to fully and promptly finance key social and humanitarian needs. I am grateful to the United States for facilitating the implementation of the ERA Mechanism, ensuring that russia pays for the damage inflicted on Ukraine, and for promptly resolving all technical issues to make the funds available by the end of 2024,” said Minister of Finance Sergii Marchenko.

The US Government directed this funding to the F.O.R.T.I.S. Ukraine FIF through the US Agency for International Development (USAID) in coordination with the U.S. Department of the Treasury and the US Department of State.

From 2022 to 2024, US direct budget support for Ukraine has exceeded USD 30 billion. This funding has helped the Ukrainian Government support critical employees across state institutions that deliver essential public services to the people of Ukraine, maintain the state’s operational continuity, and ensure Ukraine’s financial stability during the full-scale war.

Additional information

The G7 Extraordinary Revenue Acceleration Mechanism for Ukraine (ERA), totaling up to USD 50 billion, provides Ukraine with loans that will be repaid using future revenues derived from immobilized russian sovereign assets.