Ukraine receives USD 950 million from Japan as part of World Bank's INSPIRE and HOPE projects

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

This follows from a statement by the Ministry of Finance, the Ukrainian News agency reports.

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

The funds will be used to reimburse the expenses of the state budget of Ukraine for urgent and priority needs, in particular in the field of rehabilitation and social assistance.

The INSPIRE project is financed by a loan from the World Bank in the amount of USD 1.2 billion from the Advancing Needed Credit Enhancement for Ukraine (ADVANCE Ukraine) Trust Fund, with the support of the Government of Japan. It is aimed at ensuring the social protection of vulnerable sections of the population during and after the war, improving access to social assistance and social services, as well as strengthening the adaptability of the social support system to effectively respond to the challenges of today and in the future.

As the Ukrainian News agency earlier reported, the goal of the HOPE project is to rebuild infrastructure in the territories affected by hostilities in the de-occupied and affected regions of Ukraine.

Funds will also be provided to homeowners for repairs in multi-apartment and private buildings that have suffered 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 day before, Ukraine received EUR 150 million in financial assistance on an irrevocable basis from the EU.

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