Finland to support Ukraine with EUR 50 million loan through World Bank Group

As part of the World Bank Group, IDA provides grants and concessional loans to the world’s poorest countries to reduce poverty and promote sustainable development. Established to support Ukraine, SPUR 2.0 is part of the new IDA Crisis Facility, enabling the mobilisation of additional funding through IDA to support Ukraine's reconstruction and economic recovery. According to the World Bank’s latest estimate, the cost of Ukraine's reconstruction and recovery will amount to almost USD 588 billion over the next decade. Financing provided through the SPUR 2.0 programme will bolster Ukraine’s economic stability, help maintain the functioning of society and contribute to reconstruction efforts as Russia continues its war of aggression. “Supporting Ukraine is both a matter of values for Finland and an investment in European security and stability. Russia's war of aggression has caused immense damage, and the international community must therefore continue its determined support to ensure the resilience of Ukrainian society and to rebuild the country,” says Minister for Foreign Trade and Development Ville Tavio. Financing provided through the programme can mobilise substantially more fun...