The World Bank has approved an additional $660 million for Ukraine to enhance social protection measures.

The World Bank has approved additional funding of $664 million for Ukraine under the project "Investing in Social Protection to Enhance Coverage, Resilience, and Effectiveness" (INSPIRE). 

According to the press service of the Ministry of Finance, this information was released. 

$662 million will be allocated from the Target Fund for Providing Essential Credit Support to Ukraine (ADVANCE Ukraine), which is backed by the government of Japan. An additional $2 million in grants will come from the World Bank's Early Learning Partnership trust fund to support the expansion of childcare programs.

It is noted that $602 million will be directed to the state budget's general fund.

The INSPIRE project aims to provide social protection for low-income and vulnerable populations in Ukraine during and after the war, improve access to social services and assistance, and strengthen the social support system to respond effectively 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, particularly through subsidies for housing and utility services and assistance for internally displaced persons," noted Finance Minister Serhiy Marchenko. Under this project, Ukraine has attracted $1.2 billion.

Background. Earlier, Mind reported that the European Union and Ukraine signed a Memorandum of Assistance worth €18.1 billion from frozen Russian assets.