World Bank Gives Ukraine US$87 Million to Improve Education

WASHINGTON, US -- The World Bank’s Board of Executive Directors approved a US$ 86.59 million loan for the Equal Access to Quality Education in Ukraine Project on Tuesday. The four-year Project is the first phase of an Adaptable Program Loan (APL) to support Ukraine’s reform initiatives in the education sector, the World Bank said on its website.

The World Bank believes “Ukraine’s education system suffered greatly from the country’s years of economic collapse. A drop in funding and salaries for education, along with deteriorating schools, brought about a decline in the quality of education.”

The Project will help Ukraine achieve equal access to quality education and improved efficiency of the education system, the bank said.

According to Ana Maria Jeria, Program Team Leader, “about 22,000 schools, of which 70 percent are located in rural areas, half a million teachers, and more than 6 million students will ultimately benefit from the project’s support to Ukraine’s ongoing education reforms.”

The loan will be at the Bank's standard interest rate for LIBOR-based, single currency dollar loans, repayable in 20 years, including a 5-year grace period.

Source: ITAR-Tass