Finland approves €50M loan to Ukraine through World Bank's IDA

Finland's Ministry for Foreign Affairs has approved a €50 million loan to Ukraine through the International Development Association (IDA), part of the World Bank Group, according to a statement from Finland's Ministry for Foreign Affairs, Report informs.

The loan will be allocated through IDA's new special financing program, the Special Program for Ukraine Recovery 2.0 (SPUR 2.0), aimed at addressing Ukraine's significant needs related to recovery and economic revitalization.

"Supporting Ukraine is both a choice of values for Finland and an investment in Europe's security and stability. The destruction caused by Russia is significant, and the international community must continue its support to ensure the resilience of Ukrainian society and rebuild the country," Finnish Minister for Foreign Trade and Development Ville Tavio said.

According to the World Bank's latest estimates, the costs of Ukraine's reconstruction and recovery over the next decade will amount to approximately $588 billion.