World Bank launches new $1.2 billion project for Ukraine

The World Bank has approved a new project INSPIRE, financed by a $1.2 billion loan, which is to provide funding for 29 types of social benefits to nearly 10 million Ukrainians affected by the consequences of Russia's invasion of Ukraine, the World Bank reported, UNN said.

Details

The new World Bank project "Investing in Social Protection for Increased Coverage, Resilience and Efficiency (INSPIRE)" was reportedly approved on November 30.

The project will provide funding for 29 types of social transfers to the most vulnerable populations in Ukraine affected by the devastating effects of Russia's invasion of Ukraine. Low-income families need adequate support to overcome the challenges caused by the war and avoid further deterioration of their living conditions- the World Bank reported.

The INSPIRE project is reportedly "funded by a $1.2 billion World Bank loan from the Trust Fund for the Delivery of Necessary Credit Support to Ukraine (ADVANCE Ukraine), supported by the Government of Japan."  

The project activities, to be implemented by the Ministry of Social Policy, are reportedly aimed at social support for persons with disabilities, orphans and children deprived of parental care, foster and adoptive families, persons in need of care, students of vocational pre-university and higher education institutions receiving social scholarships, as well as citizens affected by the Chernobyl disaster and human trafficking. The INSPIRE project also supports the Government of Ukraine's efforts to reform important social assistance programs, including state social assistance to low-income families, housing subsidies, and housing allowances for internally displaced persons, to ensure that the population is covered by effective social support.

The project is expected to reach nearly 10 million Ukrainians in their time of greatest need. It will strengthen the capacity of the Ukrainian government to provide social support to the poor and vulnerable at a critical time when winter is approaching and millions of Ukrainians need additional assistance to pay bills and heat their homes- said Arup Banerjee, World Bank Regional Director for Eastern Europe.

Supplement

In the aftermath of Russia's invasion of Ukraine, the aid mobilized by the World Bank has reportedly enabled the Ukrainian government to provide basic public services that reach more than 15 million Ukrainians. Along with the approved project, the World Bank has already mobilized more than $38 billion in emergency financing to support Ukraine, including commitments and guarantees from donors such as: The United States, Japan, the United Kingdom, Norway, the Netherlands, Spain, Germany, Canada, Switzerland, Sweden, Denmark, Austria, Finland, Ireland, Iceland, Indonesia, Lithuania, Latvia, Belgium, and the Republic of Korea.