World Bank approves INSPIRE social payments project for $1.2 bln for Ukraine
On November 30, the World Bank approved a new project for Ukraine, Investing in Social Protection for Inclusion, Resilience, and Efficiency (INSPIRE) worth $1.2 billion, which will provide financing for 29 types of social benefits to the most vulnerable segments of the population Ukraine, suffering from the devastating consequences of Russia's invasion of Ukraine.
"The INSPIRE project is financed by a $1.2 billion World Bank loan, backed by a credit enhancement from the Advancing Needed Credit Enhancement for Ukraine (ADVANCE Ukraine) Trust Fund, supported by the Government of Japan," the bank said in its message on Friday.
It is noted that implemented by Ukraine's Ministry of Social Policy, the project specifically aims to help people with disabilities, orphans, children under guardianship, foster families, socially vulnerable students, and victims of the Chornobyl nuclear disaster and human trafficking.
The INSPIRE project will also support the reform efforts of the Government of Ukraine to improve the coverage and efficiency of important social safety net programs, such as the Guaranteed Minimum Income, Housing and Utilities Subsidy, and Internally Displaced Persons assistance program.
"This project is expected to reach almost 10 million Ukrainians at a time of greatest need. It will strengthen the Government of Ukraine's capacity to provide social support to the poor and vulnerable at a critical time, when winter is coming and millions of Ukrainians need additional support to pay their bills and heat their homes," said Arup Banerji, the World Bank Regional Country Director for Eastern Europe.