KIEV, Sept. 18 - The World Bank's Board of Executive Directors has approved a Programmatic Financial Rehabilitation Development Policy Loan 1 (PFRL 1) for Ukraine in the amount of $400 million.

The decision was taken at a meeting in Washington on Sept. 17, the World Bank said in a statement.

"Key elements of reforms supported by PFRL 1 include the creation of a transparent process to ensure that banks are recapitalized with private funding and where that is not possible, recapitalized or resolved with public resources at the lowest possible cost.