Brunner: Austria supports Ukraine aid program of the World Bank with 10 million euros World Bank helps Ukraine with $700 million (645 million euros) in new loans and aid

Since its inception, the World Bank Group has made an enormous contribution to poverty reduction, environmental protection and sustainable economic development. Especially cross-border challenges, such as the current COVID-19 pandemic or the climate crisis and the ongoing engagement in developing countries, but also in transition countries - such as those of the former Soviet Union - make the World Bank more necessary than ever.

"Austria, like the entire EU, stands by Ukraine, supports the sanctions and provides comprehensive assistance to alleviate the suffering of the people in Ukraine. That is why Austria is contributing 10 million euros to the World Bank's current Ukraine assistance program, which was approved just a few days ago. The program brings the country more than $700 million in new loans and aid," said Finance Minister Magnus Brunner.

"The World Bank's involvement made it possible to rebuild Europe after the Second World War and thus lay the foundation for our current prosperity. Following the reconstruction of Europe, the International Bank for Reconstruction and Development has been instrumental in alleviating poverty and strengthening economies worldwide," Brunner said.