The State Budget of Ukraine received nearly $390 million from Japan within the framework of World Bank projects aimed at social security and agricultural restoration.
This was reported by the Ministry of Finance, Ukrinform saw.
Japan’s financial assistance in January consists of a USD 89.8 million grant under the World Bank’s Emergency Project for Inclusive Support for the Recovery of Agriculture in Ukraine (ARISE) and part of the loan funds worth USD 300 million in the framework of the Investing in Social Protection for Inclusion, Resilience and Efficiency (INSPIRE) project.
“I am grateful to the World Bank and the Government of Japan for their strong financial support for Ukraine. The funds raised will be used to compensate the State Budget of Ukraine for priority needs, in particular in the areas of recovery and social assistance. The receipt of such funding is a significant contribution to providing our citizens with the necessary services, which are critical in times of war,” said Minister of Finance of Ukraine Sergii Marchenko.
The Ministry of Finance recalls that the INSPIRE project is financed by a $1.2 billion loan from the World Bank from the Trust Fund “Advancing Needed Credit Enhancement for Ukraine” (ADVANCE Ukraine), with the support of the Government of Japan, and is aimed at ensuring social protection of vulnerable groups of the population during and after the war, as well as at strengthening the adaptability of the social support system to respond effectively to the challenges of today and in the future.
The ARISE project aims to support agricultural producers’ access to finance through concessional loans and grants.