Ukraine will receive USD 232 million for Critical Housing Repairs under the World Bank's HOPE project

Today, on September 5, the Ministry of Finance of Ukraine and the World Bank signed an agreement within the framework project Housing Repair for People's Empowerment (HOPE). The total financing of the framework project reaches USD 800 million.

The agreement was signed by the Minister of Finance of Ukraine Sergii Marchenko, and by the World Bank's Regional Country Director for Eastern Europe Arup Banerji.

The agreement envisages the World Bank's initial financing totaling USD 232 million. The funds will be used to address urgent and critical needs for the repair of partially damaged individual and residential buildings in the controlled by Ukraine areas.

Funding consists of:

- Grant of USD 162.2 million from the Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund (URTF) of the World Bank;

- Loan of USD 70 million from the IBRD guaranteed by the Government of Japan.

The goal of the HOPE project is to create safe conditions for the return of Ukrainians to the territories affected by the war in the liberated regions. The project will also support policy reforms at the national level to improve the results of reconstruction and alignment with EU integration goals.

"I am grateful to the World Bank for its continued support to Ukraine, in particular in mobilizing resources for recovery. According to the RDNA 2 report, as of February 2023, the total cost of damage to Ukraine's housing sector was estimated at more than USD 50 billion. The HOPE project will help thousands of Ukrainians to start repairing their homes that have been damaged by the armed aggression of russia," said Sergii Marchenko.