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World Bank approves $664 million for Ukraine’s social protection project

The INSPIRE project focuses on improving access to social services and bolstering support for vulnerable groups during the war.

byOlena Mukhina

28/11/2024

2 minute read

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World Bank approves $664 million for Ukraine’s social protection project

The Ministry of Finance of Ukraine reports that the World Bank has approved an additional $664 million in funding for the “Investments in Social Protection to Enhance Coverage, Resilience, and Effectiveness” (INSPIRE) project.

Since the beginning of the war in Ukraine in 2014, the World Bank has played a pivotal role in mobilizing financial support for Kyiv, with nearly $55 billion committed to aid the country as of November 2024.

According to the Ukrainian Ministry of Finance, $602 million will be allocated to the general state budget fund.

The ministry says that the INSPIRE project aims to provide social protection for disadvantaged and vulnerable groups in Ukraine during and after the war, improve access to social services and assistance, and strengthen the social support system to respond to current and future challenges.

“Implementing socially important initiatives is one of the government’s priorities in addressing the consequences of the war. The INSPIRE project enhances the effectiveness of social protection programs for thousands of Ukrainians, including through subsidies for housing and utility services and assistance to IDPs,” said Finance Minister Serhii Marchenko.

The ministry specifies that $662 million will come from the Targeted Fund for Providing Essential Credit Support to Ukraine (ADVANCE Ukraine), supported by the Japanese government. Additionally, a $2 million grant will be provided from the World Bank’s Early Learning Partnership trust fund to support the expansion of childcare programs, according to Espreso.

Earlier, Prime Minister Denys Shmyhal announced that Ukraine had received $4.8 billion from the World Bank under the PEACE project. This funding will be used, among other things, for healthcare reforms and reconstruction projects.

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