The Cabinet of Ministers of Ukraine and the World Bank have signed an agreement worth $350 million, Prime Minister Denys Shmyhal has said.

"The government and the World Bank signed an agreement worth $350 million. The funds will be used to develop the economy during the pandemic, provide social support to vulnerable groups and strengthen state institutions," Shmyhal said on Telegram.

According to him, these funds will also help implement systemic projects for the fair development of the land market, continue the reform of the gas sector, and strengthen the credit market.

The Finance Ministry clarified that the board of directors of the World Bank a year ago in June had already approved the decision on granting the loan and entering into the corresponding agreement with Ukraine.

"The funds totaling $350 million, minus the one-time commission of $875,000, are to be transferred to the general fund of the national budget and to be used to fight COVID-19," the Finance Ministry said in a press release.