The World Bank has approved an additional $664 million in funding for the "Investing in Social Protection for Inclusion, Resilience, and Efficiency" (INSPIRE) project, mostly financed by Japan.
This was reported by the Ministry of Finance of Ukraine.
The INSPIRE project is designed to safeguard low-income and vulnerable populations in Ukraine both during and after Russia’s war. Its goals include enhancing access to social services and assistance while fortifying the social support system to address current challenges and adapt to future needs effectively.
“Implementing 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 programs for thousands of Ukrainians, in particular through subsidies for housing and communal services and assistance to IDPs,” said Minister of Finance of Ukraine Sergii Marchenko.
Of the total funding, $662 million will come from the Advancing Needed Credit Enhancement for Ukraine Trust Fund (ADVANCE Ukraine), supported by Japan. Additionally, a $2 million grant from the World Bank's Early Learning Partnership Trust Fund will aid in expanding Ukraine's childcare program.
Recently, the Biden administration started finalizing a $725 million weapons package for Ukraine, 2 US officials reported.
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