The World Bank, with support from Japan, has approved a $1.2 billion loan for Ukraine to bolster its social support systems under the INSPIRE project. This initiative aims to enhance social protection and inclusion for vulnerable groups, including disabled individuals, orphans, and Chornobyl victims. The loan is part of an international effort to meet Ukraine's financing needs through 2024, with the country's social programs being a key focus.
The INSPIRE project, backed by credit enhancement from the Japan-supported ADVANCE Ukraine Trust Fund, is designed to address the urgent needs of nearly 10 million Ukrainians who require heating and financial assistance to overcome winter hardships. This commitment is a continuation of global efforts to provide emergency funding to Ukraine, which now exceeds $38 billion with international support.
The European Union has also reached a historic high in military aid, contributing €27 billion. Ukrainian President Zelensky has acknowledged the significant international support while assuring the commitment to repayment.
This financial support comes at a crucial time for Ukraine as the country projects an economic growth of 3.5% following a contraction of 29.1% in the previous year.
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