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World Bank allocates USD664M for Ukraine’s INSPIRE social protection project






Date

12/1/2024 6:53:36 AM

(MENAFN) The World bank has authorized USD664 million for Ukraine as part of the INSPIRE social field initiative, according to the media service of the Finance Ministry, as reported by Ukrinform.

“Today, the World Bank has approved an additional financing of USD664 million for the project Investing in Social Protection for Inclusion, Resilience, and Efficiency (INSPIRE) Project. USD602 million will be allocated to the general fund of the State Budget of Ukraine,” the report states.

The report also mentions that USD662 million will come from the Advancing Needed Credit Enhancement for Ukraine Trust Fund (ADVANCE Ukraine), which is supported by Japan. Moreover, a USD2 million grant from the World Bank’s Early Learning Partnership Trust Fund will be allocated to expand the childcare program.

The INSPIRE initiative is designed to provide social protection for low-income and vulnerable groups in Ukraine both during and after the war. It also seeks to improve access to social services and assistance, as well as strengthen the social support infrastructure to respond effectively to present and future challenges.

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