The World Bank has approved a $1.2 billion aid package for social security payments in Ukraine
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The World Bank has approved the “Investments in Social Protection to Increase Coverage, Sustainability and Efficiency (INSPIRE)” project for Ukraine, the institution announced on November 30.
“The project will provide financing of 29 types of social payments to the most vulnerable sections of the population of Ukraine, which suffered from the devastating consequences of Russia’s invasion of Ukraine. Low-income families need adequate support to overcome the challenges caused by the war and avoid further deterioration of their living conditions,” the message reads.
According to the report, the INSPIRE project is financed by a loan of 1.2 billion dollars from the World Bank from the Trust Fund for Providing Necessary Credit Support to Ukraine (ADVANCE Ukraine), which is supported by the Japanese government.
The project will be aimed at “social support of persons with disabilities, orphans and children deprived of parental care, foster and foster families, persons in need of care, students of vocational pre-higher and higher education institutions who receive social scholarships, as well as citizens who suffered as a result of the Chernobyl disaster and human trafficking.”
Earlier, Prime Minister Denys Shmyhal announced that Ukraine will receive a loan of almost 1.1 billion dollars from the World Bank.
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