World Bank approved new USD 1.2 billion Social Assistance Project for Ukraine INSPIRE

On 30 November, the World Bank approved a new joint project with Ukraine, Investing in Social Protection for Inclusion, Resilience and Efficiency (INSPIRE).

The INSPIRE project aims to ensure social protection for the poor and vulnerable in Ukraine during and after the war, improve access to social services and assistance, and strengthen the social safety net to respond to the challenges of the present and future.

"The implementation of socially important programs is one of the priorities of the Government in the process of overcoming the consequences of the war. The launch of the joint INSPIRE project with the World Bank will increase the effectiveness of social protection programmes, in particular through subsidies for housing and communal services and assistance to IDPs," said Minister of Finance of Ukraine Sergii Marchenko.

The Project is financed by a USD 1.2 billion loan from the World Bank from the Trust Fund "Advancing Needed Credit Enhancement for Ukraine" (ADVANCE Ukraine) with the support of the Government of Japan. The funds will be allocated to the general fund of the State Budget of Ukraine.

"The Bank's flexibility and adaptability help to mobilise resources for the most urgent needs of Ukraine in the context of a full-scale war. The INSPIRE project will help to provide support to thousands of Ukrainians who need it most," said Deputy Minister of Finance of Ukraine Olga Zykova.