The World Bank approved a US$723 million assistance package for Ukraine on Monday, despite the country's ongoing conflict with Russia.

The bank said in a statement that the Board of Executive Directors authorized the extra financial support package for Ukraine, dubbed Financing of Recovery from Economic Emergency in Ukraine, or FREE Ukraine.

"The package approved by the Board consists of a supplemental loan for US$350 million and guarantees in the amount of US$139 million, and is also mobilising grant financing of US$134 million and parallel financing of US$100 million," Anadolu Agency said, citing the statement.

World Bank President David Malpass stated that the World Bank Group stands by Ukraine's and the region's people.

"This is the first of a series of steps."