1 Dec 2023 13:20

World Bank approves $1.2 bln loan to Ukraine for social payments with Japan as guarantor

MOSCOW. Dec 1 (Interfax) - The World Bank approved a new project for Ukraine, Investing in Social Protection for Inclusion, Resilience, and Efficiency (INSPIRE) worth $1.2 billion on November 30.

As Ukrainian media reported, citing a World Bank report, the project will provide additional support to 29 social assistance programs aimed at the most vulnerable segments of the population, since "the poorest households need adequate support to avoid slipping further into poverty."

INSPIRE is financed by a $1.2 billion World Bank loan from the ADVANCE Ukraine trust fund and supported by the Japanese government.

The activities of the program, which will be implemented by the Ministry of Social Policy of Ukraine, are aimed at social support for persons with disabilities, orphans and children deprived of parental care, foster and foster families, persons in need of care, students of vocational and higher education institutions who receive social scholarships, and citizens affected by the Chernobyl disaster and human trafficking.

The INSPIRE project also supports the efforts of the Ukrainian government to reform important social assistance programs, including state social assistance for low-income families, housing subsidies and assistance to internally displaced persons, the World Bank said.

"This project is expected to reach almost 10 million Ukrainians at a time of greatest need. It will strengthen the Government of Ukraine's capacity to provide social support to the poor and vulnerable at a critical time, when winter is coming and millions of Ukrainians need additional support to pay their bills and heat their homes," Arup Banerji, the World Bank Regional Country Director for Eastern Europe said in the report.