The World Bank’s board of executive directors has approved a $723 million emergency support package for Ukraine.

The package includes a $100 million pledge from the UK.

The bank said the money will help the Ukrainian government provide critical services to its citizens, including wages for hospital workers, pensions for the elderly, and social programs for the vulnerable.

Denmark has promised $22 million, while Latvia, Lithuania, and Iceland have pledged a combined $12 million in grant financing.

It also consists of a supplemental loan for $350 million and guarantees in the amount of $139 million from the Netherlands and Sweden.

Japan is providing $100 million of linked parallel financing.

“The World Bank Group is taking quick action to support Ukraine and its people in the face of the violence and extreme disruption caused by the Russian invasion,” said World Bank president David Malpass. “The World Bank Group stands with the people of Ukraine and the region. This is the first of many steps we are taking to help address the far-reaching human and economic impacts of this crisis.”

The World Bank Group is also preparing a $3 billion package of support for Ukraine in the coming months and additional support to neighbouring countries receiving Ukrainian refugees.

According to UNHCR, since the onset of the invasion, 1.7 million Ukrainians – primarily women, children, and elderly – have fled to neighbouring countries.

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