WB to provide $232 mln to enable Ukrainians to make home repairs under HOPE project

MOSCOW. Aug 31 (Interfax) - The World Bank (WB) will provide Ukraine with $232 million to help homeowners make light repairs of their damaged housing under the Housing Repair for People's Empowerment Project (HOPE).

"The HOPE Project will help thousands of Ukrainian families receive funds to begin repairing their homes before winter sets in," Ukrainian media quoted Antonella Bassani, the World Bank's Regional Vice President for Europe and Central Asia, as saying in a WB statement.

"The project will also support the Government of Ukraine to build the foundation for resilient, inclusive and green reconstruction," she said.

"The World Bank stands with Ukraine as it starts repairing housing and other urban infrastructure," Bassani said.

This initial financing totals $232 million, including a $70 million IBRD loan, backed by a guarantee from the Japanese government, and a $162.5 million grant from the Ukraine Relief, Recovery, Reconstruction and Reform Multi-Donor Trust Fund.

The funding would compensate people whose homes have suffered partial damage, including some 98,000 single homes and 8,000 households in 160 residential buildings in five municipalities. Beneficiaries will be retroactively compensated for repairs once their expenditures are verified, the WB said.

Extra funding of up to $800 million is anticipated later from the World Bank's partners through guaranteed loans, grants, and other contributions, it said.

The HOPE Project, which will be implemented by the Ukrainian Ministry for Communities, Territories, and Infrastructure Development, is the fourth World Bank framework project approved for Ukraine this year, it said.