The State Budget of Ukraine has received about $390 million from Japan as part of World Bank projects aimed at social protection and agricultural recovery, UNN reports with reference to the Ministry of Finance.
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According to the agency, Japan's financial assistance in January consists of a $89.8 million grant under the Emergency Project for Inclusive Support for the Recovery of Agriculture in Ukraine (ARISE) and a $300 million loan under the Investing in Social Protection to Improve Coverage, Resilience and Efficiency (INSPIRE) project.
"I am grateful to the World Bank and the Government of Japan for their strong financial support for Ukraine. The funds raised will be used to reimburse the state budget expenditures for priority needs, in particular in the areas of recovery and social assistance. The receipt of such financing is a significant contribution to providing our citizens with the necessary services, which are critical in times of war," said Minister of Finance of Ukraine Sergii Marchenko.
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According to the Ministry of Finance, the INSPIRE project is funded by a USD 1.2 billion loan from the World Bank from the Trust Fund for the Provision of Necessary Credit Support to Ukraine (ADVANCE Ukraine), with the support of the Government of Japan, and aims to ensure social protection of vulnerable populations during and after the war, as well as to strengthen the adaptability of the social support system to effectively respond to current and future challenges.
The ARISE project aims to support agricultural producers' access to finance through concessional loans and grants.