KYIV: Ukraine will receive a $1.5 billion loan from the World Bank guaranteed by the government of Japan, Ukrainian Prime Minister Denys Shmyhal said on Thursday.

The funds will be used to strengthen social protection, provide assistance to people during Russia’s war on Ukraine, and rebuild the economy, Shmyhal said in a post on the Telegram messaging app.

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Shmyhal said the agreement was signed between the World Bank and Ukraine’s finance ministry during a meeting with World Bank Vice President for Europe and Central Asia Antonella Bassani.

The World Bank and its partners have mobilised $34 billion to help Ukraine, of which more than $22 billion has already been received, Shmyhal said.