Hungary backs more World Bank funds for Ukraine

Photo: MTI/EPA/ANA-MPA/George Vitarasz

Hungary supports Ukraine and neighbouring countries affected by the war there receiving more funds from the World Bank, Finance Minister Mihály Varga said in Washington, DC, according to a ministry statement.

Hungary has already given more than 28 billion forints (EUR 67m) worth of assistance to Ukraine, Varga said after meeting World Bank leaders on the occasion of the organisation’s annual meetings.

At his meeting with Anna Bjerde, World Bank Vice President for Europe and Central Asia, talks focused on the economic effects of the Russia-Ukraine war and support for Ukraine.

The ministry cited Varga as emphasising the need to prioritise the region’s energy security and the development of its transport relations. He noted that Hungary has provided a significant amount of aid to Ukraine and has taken in some one million Ukrainian refugees. He added that Ukraine’s neighbours, including Hungary, were having to bear financial burdens related to the war that other countries were not.

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Meanwhile, Varga told Elena Bourganskaia, Vice President of the International Finance Corporation, that Hungary supported Ukraine and its neighbouring countries affected by the war receiving more funds from the World Bank.

He said Hungary was prepared to have Hungarian companies with good ties and experience in the region contribute to the reconstruction of Ukraine. He added that the reconstruction also needed to involve the development of western Ukraine’s Transcarpathia region.

Varga and Bourganskaia also reviewed a World Bank scheme aimed at easing migration pressure by providing assistance and carrying out developments where the problems arise, the ministry said.