Japan has provided $4.6bn to Ukraine since start of Russia’s full-scale invasion
Since February 2022, Japan has provided $4.6 billion to Ukraine through World Bank and JICA projects.
According to Censor.NET, citing the press centre of the Ministry of Finance, this was stated by Minister of Finance of Ukraine Sergii Marchenko.
"In the face of full-scale Russian aggression, Japan is one of the leaders in supporting Ukraine in all possible ways. Direct budgetary aid is no exception. Japan has already provided support worth over USD 4.6 billion, including about USD 372 million in grants. This assistance is vital for Ukraine's economic and financial stability. I am grateful for the productive cooperation within the Donor Platform of Ukraine, as well as for the leadership in consolidating the efforts of the international community, which Japan demonstrated during its presidency of the G7 in 2023," Marchenko said.
As noted, funds from Japan for budget support were raised through five World Bank projects: PEACE in Ukraine, INSPIRE, ARISE, HOPE and Development Policy Loan. As well as through the Japan International Cooperation Agency (JICA).
Marchenko emphasised that the scale of the challenges facing Ukraine's financial system in the wartime is unprecedented. Therefore, international cooperation continues to be a key element in Ukraine's efforts to counter Russia's aggressive war. Budgetary assistance, in particular from Japan as one of the largest donors, continues to be important for the provision of priority public services.
In 2024, Ukraine expects to attract USD 37.3 billion from international partners for social and humanitarian purposes. In the first months of the year, Japan was the largest donor of financial assistance. Overall, in the first quarter, aid is expected to reach about $2.2 billion. The funds will be raised through World Bank framework projects.
The Minister of Finance also noted that expanding cooperation with Japan, including public-private cooperation, is a priority for Ukraine for effective recovery.
According to the latest RDNA3 estimates, the needs for reconstruction amount to almost USD 486 billion, and for rapid recovery - USD 15 billion.
"A large-scale recovery will require strong and sustained cooperation between the Government of Ukraine and the private sector. We are ready to work together to ensure favourable conditions for attracting Japanese business. In addition, Japan's experience and expertise in implementing recovery projects are valuable to us," Marchenko added.
