World Bank approves $664M to Ukraine for social protection

That is according to the Finance Ministry’s press service, Ukrinform reports.

“Today, the World Bank has approved an additional financing of USD 664 million for the project Investing in Social Protection for Inclusion, Resilience, and Efficiency (INSPIRE) Project.  USD 602 million will be allocated to the general fund of the State Budget of Ukraine,” the report says.

It is noted that USD 662 million will come from the Advancing Needed Credit Enhancement for Ukraine Trust Fund (ADVANCE Ukraine), backed by Japan. A grant of USD 2 million will also be provided from the World Bank's Early Learning Partnership Trust Fund to support the expansion of the childcare program.

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The INSPIRE project aims to ensure social protection of low-income and vulnerable pulations in Ukraine during and after the war, improve access to social services and assistance, and strengthen the social support system to respond quickly to possible challenges of the present and future. 

 “Implementing socially important initiatives is one of the Government's priorities in overcoming the consequences of the war. The INSPIRE project strengthens the effectiveness of social protection programs for thousands of Ukrainians, in particular through subsidies for housing and communal services and assistance to IDPs,” said Minister of Finance of Ukraine Sergii Marchenko. 

As reported by Ukrinform, on November 19, the Cabinet of Ministers approved a decision on raising a $662 million loan from the International Bank for Reconstruction and Develment to finance social protection programs under the INSPIRE project.