The World Bank has announced the approval of a 664 million USD loan for Ukraine under the INSPIRE project, which will support social protection for vulnerable populations, improve access to social services, and strengthen the social support system.
Read more: Announcement of the second cohort application for the REDpreneurUA program by the Ukrainian Red Cross
The project has three main objectives:
- Ensuring social protection for low-income citizens during and after the war.
- Improving access to social services and assistance.
- Strengthening the social support system to effectively respond to current and future challenges.
Support in challenging times
Ukraine’s Minister of Finance, Serhiy Marchenko, emphasized: “The implementation of socially important initiatives is one of the government’s priorities in overcoming the consequences of the war. The INSPIRE project enhances the effectiveness of social protection programs for thousands of Ukrainians, including subsidies for utilities and support for internally displaced persons (IDPs).”
Project funding sources
A total of 662 million USD will come from the Targeted Fund for providing necessary credit support to Ukraine (ADVANCE Ukraine), which is supported by the Government of Japan. Additionally, the project will receive a grant of 2 million USD from the World Bank’s Early Learning Partnership trust fund to support the expansion of child care programs.
This loan and grant funding will strengthen social security and help Ukraine effectively address the social challenges caused by the war.
