World Bank Approves $664 Million in Additional Financing for Ukraine

The World Bank has approved $664 million in additional financing for Ukraine under the INSPIRE social sector project, the Ministry of Finance of Ukraine reports.

‘Today, the World Bank has approved an additional US$664 million in financing for the Investing in Social Protection for Improved Coverage, Resilience and Efficiency (INSPIRE) project. USD 602 million will be transferred to the general fund of the State Budget of Ukraine,’ the statement said.

It is noted that USD 662 million will come from the Trust Fund for the Provision of Necessary Credit Support to Ukraine (ADVANCE Ukraine), supported by the Government of Japan.

A USD 2 million grant from the World Bank's Early Learning Partnership Trust Fund will also be provided to support the expansion of the childcare programme.

The INSPIRE project aims to provide social protection to low-income and vulnerable populations in Ukraine during and after the war, as well as improve access to social services.

‘Implementation of 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 programmes for thousands of Ukrainians, in particular through subsidies for housing and communal services and assistance to IDPs,’ said Serhii Marchenko, Minister of Finance of Ukraine.