Ukraine raises $1.2 billion from World Bank

Ukrinform reported this citing the bank's press service.

The funds will be used to support 29 social assistance programs for the 'most vulnerable population of Ukraine' under the Investing in Social Protection for Inclusion, Resilience and Efficiency (INSPIRE) project.

The money will be used to support orphans, children in care, socially disadvantaged students, as well as victims of the Chornobyl disaster and human trafficking.

Arup Banerji, the World Bank's Regional Director for Eastern Europe, said that the project is expected to reach nearly 10 million Ukrainians at a time of greatest need. This will strengthen the capacity of the Government of Ukraine to provide social support to the poor and vulnerable at a critical time when winter is approaching and millions of Ukrainians need additional support to pay their bills and heat their homes.

As previously reported by the agency, the state budget of Ukraine received about $400 million under the guarantee of the United Kingdom through the World Bank Trust Fund.