Ukraine will receive an additional $664 million from the World Bank

Ukraine will receive additional financing in the amount of $664 million from the World Bank. Of these, $602 million will go to the general fund of the Ukrainian state budget.

This is reported by the Ministry of Finance of Ukraine.

The funds will be used for the project "Investing in Social Protection to Increase Coverage, Sustainability and Effectiveness" (INSPIRE).

The purpose of INSPIRE is to support low-income and vulnerable sections of the population of Ukraine during and after the war, to improve access to social services and assistance, and to strengthen social support systems.

According to the Minister of Finance of Ukraine Serhiy Marchenko, this will be done, in particular, through subsidies for housing and communal services and assistance to internally displaced citizens.

Out of $664 million, $662 million will be provided by the ADVANCE Ukraine Trust Fund for Credit Support of Ukraine, which is supported by the Japanese government. And another $2 million will be provided from the World Bankʼs Early Learning Partnership trust fund to support the expansion of the childcare program.

Within the framework of the INSPIRE project, $1.2 billion of aid has already been attracted.

• The World Bank is an international credit and financial institution that promotes economic development and poverty reduction in the world. The Bank provides loans, grants, and other assistance to countries so that they can improve infrastructure, education, medicine, agriculture, and more.

For more news and in-depth stories from Ukraine please follow us on X.