Ukraine receives $950 mln from Japan for infrastructure restoration and social assistance

MOSCOW. Dec 21 (Interfax) - The state budget of Ukraine received more than $950 million from Japan as part of World Bank projects to restore infrastructure and social protections, Ukrainian media reported, citing the Ukrainian Ministry of Finance on Thursday.

"The funding consists of a $52.4 million grant from Japan through the Home Improvement for People's Empowerment (HOPE) project and $900 million in loans from the Japanese government through the Investing in Social Protection to Improve Coverage, Sustainability and Efficiency project." (INSPIRE)," the press release says.

The funds will be used to reimburse state budget expenses for urgent and priority needs, the release says.

The Ministry said that the INSPIRE project is financed by a World Bank loan of $1.2 billion from the trust fund to provide necessary credit support to Ukraine (ADVANCE Ukraine) with the support of the Japanese government, and is aimed at ensuring social protection for vulnerable segments of the population.

The goal of Project HOPE is to restore infrastructure in affected areas. Funds are also provided to owners of houses and apartments for repairs.

Finance Minister Sergei Marchenko reported on Tuesday that since the beginning of this year, Ukraine has already managed to attract more than $39 billion in external financing, compared to $32.1 billion for all of last year, and the amount will reach about $42.3 billion by the end of 2023.