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Main Diplomacy — Ukraine received USD 950 million from Japan under the World Bank's INSPIRE and HOPE projects

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Ukraine received USD 950 million from Japan under the World Bank's INSPIRE and HOPE projects

21 Dec, 2023
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Ukraine received USD 950 million from Japan under the World Bank's INSPIRE and HOPE projects

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The State Budget of Ukraine received about USD 950 million from Japan as part of the World Bank's recovery and social protection projects.

The funding consists of a USD 52.4 million grant from Japan under the Housing Repair for People's Empowerment (HOPE) project and a USD 900 million loan under the Social Protection for Inclusion, Resilience and Efficiency (INSPIRE) project.

The funds will be used to reimburse the State Budget of Ukraine for urgent and priority needs, including reconstruction and social assistance. 

"I am grateful to the World Bank and the Government of Japan for their continued financial support to Ukraine, particularly in the areas of social assistance and recovery. The implementation of such crucial initiatives as HOPE and INSPIRE help the Government to provide adequate public services and social support to its citizens and to eliminate the consequences caused by russia's full-scale invasion," said Sergii Marchenko.

"The coordinated and systematic work of the teams of the Government of Ukraine, the Government of Japan and the World Bank resulted in the attraction of funds for social assistance and recovery projects. The receipt of such funding is a significant contribution to providing our citizens with the necessary services, which are critical in times of war," said Deputy Minister of Finance Olga Zykova.

The INSPIRE project is funded by a USD 1.2 billion loan from the World Bank's Assistance for Development and Credit Support to Ukraine (ADVANCE Ukraine) Trust Fund, with support from the Government of Japan, and aims to provide social protection to vulnerable populations during and after the war, improve access to social assistance and social services, and strengthen the adaptability of the social safety net to effectively respond to current and future challenges.

The HOPE project aims to rebuild infrastructure in the combat-affected areas, de-occupied and affected regions of Ukraine. Funds will also be provided to homeowners for repairs in multi-apartment buildings that have sustained moderate damage and do not require major repairs. The project will support policy reforms at the national level to improve reconstruction outcomes and alignment with Ukraine's European integration goals.

The Odessa Journal

The Odessa Journal

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