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Ukraine receives $950mn from Japan

The funds will be used to rebuild the country and provide social assistance. 

Ukraine receives $950mn from Japan
Prime Minister of Japan Kishida Fumio
Photo: EPA/UPG

Ukraine has received $950 million from Japan as part of the World Bank's INSPIRE and HOPE projects for recovery and social protection, press service of the Ukrainian Financial Ministry reported.

The financing consists of a $52.4 million grant from Japan under the Housing Opportunities for People's Empowerment (HOPE) project and a $900 million loan from the Government of Japan through the Investing in Social Protection for Increased Coverage, Resilience and Efficiency (INSPIRE) project.

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

The INSPIRE project is funded by a $1.2 billion loan from the World Bank's Assistance to Ukraine Trust Fund (ADVANCE Ukraine), with support from the Government of Japan, and aims to ensure social protection of vulnerable populations during and after the war, improve access to social assistance and social services, and strengthen the adaptability of the social support system to effectively respond to current and future challenges.

The HOPE project aims to rebuild infrastructure in the conflict-affected areas, de-occupied and affected regions of Ukraine. Funds will also be provided to homeowners for repairs in high-rise and private houses that have sustained 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. 

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