28 Nov 2024 16:28

WB to provide $664 mln for social protection of low-income people in Ukraine - Finance Ministry

MOSCOW. Nov 28 (Interfax) - The World Bank (WB) has approved $664 million in additional funding for Ukraine for the Investing in Social Protection for Inclusion, Resilience, and Efficiency (INSPIRE) project, Ukrainian media reported on Thursday, citing the Ukrainian Finance Ministry's website.

In total, $662 million will be allocated by the Advancing Needed Credit Enhancement for Ukraine Trust Fund (ADVANCE Ukraine), which is backed by the Japanese government, the ministry said. There will also be a $2-million grant from the World Bank's Early Learning Partnership Trust Fund to support the expansion of the childcare program.

In total, $602 million out of these funds will be transferred to the Ukrainian state budget's general fund.

The Finance Ministry said that the INSPIRE project had already raised $1.2 billion, which was aimed at social protection of children and families, provision of benefits to people to pay for housing and utility services, purchasing solid and liquid stove household fuel and liquefied gas, social protection of people who found themselves in challenging living situations, paying lifetime state scholarships, as well as at social protection of persons with disabilities.