KYIV: Ukrainian Prime Minister Denys Shmyhal announced on Monday the signing of a significant $15 billion agreement between Ukraine and the World Bank, funded by the United States. This funding is part of a larger initiative to support Ukraine amidst ongoing conflict with Russia.

According to Anadolu Agency, the $15 billion will be sourced from revenues generated from frozen Russian assets and is a component of the World Bank's PEACE in Ukraine project. This initiative is part of Washington's broader $20 billion contribution to the Group of Seven's (G7) loan scheme aimed at supporting Ukraine.

The agreement highlights the United States' commitment and the World Bank's role in addressing the financial repercussions of the conflict in Ukraine. The funding is earmarked for social and humanitarian expenses necessary for the country's resilience and recovery.

In a statement, Ukraine's Finance Ministry noted that U.S. direct budget support for Ukraine has surpassed $30 billion between 2022 and 2024. This financial aid has been crucial in maintaining essential public services, supporting state employees, and ensuring financial stability during the ongoing war.

Finance Minister Serhii Marchenko expressed confidence in Ukraine's financial outlook, emphasizing the country's readiness to meet crucial social and humanitarian needs in the coming year. Shmyhal also confirmed the receipt of a $1 billion installment, part of the larger $20 billion allocation facilitated by frozen Russian assets under the G7's plan.

The G7 initiative aims to leverage future revenues from Russia's frozen sovereign assets, amounting to approximately $300 billion, to support Ukraine. The United States has committed $20 billion, with the remaining $30 billion to be provided by the G7 and the European Union.