The World Bank Group announced the provision of additional financial support to Ukraine worth $1.75 billion, consisting of a $500 million World Bank loan guaranteed by UK and a $1.25 billion grant from the United States, and a $15 million grant from Finland.

"The support package is part of the World Bank’s Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE) Project," the bank said on Wednesday.

The World Bank said these funds will be used for healthcare, education, payment of pensions, social assistance programs and financing the wages for employees providing core government services.

The funds will be transferred to the government of Ukraine after the World Bank receives the appropriate confirmation of the implementation of the agreed expenditures, according to the release.

"Now in its second year, Russia's invasion of Ukraine continues to cause immense human and economic suffering. Together with our partners, we will continue to stand by the Ukrainian people, supporting them with all our financial instruments and advice," World Bank Managing Director Anna Bjerde said.

According to the bank, since the launch of the PEACE project in June 2022, the Ukrainian government has been able to sustain for an estimated 13 million beneficiaries, including 10 million pensioners, 500,000 school employees, 145,000 government employees, 56,000 first responders and over 3 million social assistance beneficiaries and internally displaced persons.

The PEACE project combines loans and grants from the World Bank and other development partners, and currently totals $19.745 billion.