The World Bank has approved a $723 million package of loans and grants for Ukraine as the country battles a Russian invasion.

The World Bank has approved a $350 million loan supplement to a prior World Bank loan, $139 million through guarantees from the Netherlands and Sweden, and is also mobilising grant financing of $134 million from Britain, Denmark, Latvia, Lithuania and Iceland, and parallel financing of $100 million from Japan, it said in a statement on Monday.

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In total, the bank has mobilised support of $723 million for Ukraine.

A World Bank spokesperson said the funds are expected to be transferred to Ukraine’s government in the next few days.

The package will provide help to government budget of Ukraine as Russia escalates attacks on the country.

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The bank said it was continuing to work on another $3 billion package of support for war-torn Ukraine in coming months and additional support for neighboring countries that are taking in Ukrainian refugees, now exceeding 1.7 million.

(With inputs from Reuters)

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