UKRAINE has successfully secured a $1.2 billion loan from the World Bank, backed by a guarantee from the government of Japan. The funds are designated to support 29 social aid programs aimed at assisting the most vulnerable populations in Ukraine under the “Social Protection for Inclusion, Resilience, and Efficiency” or INSPIRE project.
The World Bank highlights that INSPIRE project is an integral part of the international support package for Ukraine to address its financing needs through 2024.
With this latest loan, the total emergency financing provided or promised to Kiev has now surpassed $38 billion.
Various nations, including the United States, Japan, the United Kingdom, Norway, the Netherlands, Spain, Germany, Canada, Switzerland, Sweden, Denmark, Austria, Finland, Iceland, Ireland, Indonesia, Lithuania, Latvia, Belgium, and the Republic of Korea, have contributed to this financial support for Ukraine.
To recall Prime Minister Denis Shmigal had previously stated that Ukraine anticipated a $1.1 billion loan from the World Bank.
Additionally, Kyiv looks forward to receiving €162 million or $177 million in financial support from the European Investment Bank, along with $190 million and $70 million from Norway and Switzerland, respectively.
Ukrainian President Volodymyr Zelensky had earlier appealed for urgent financial help to alleviate mounting economic pressures in Ukraine, saying that,
“If you can’t support us financially, please give us a loan and we’ll pay you back.”
The European Union has contributed significant military aid, reaching €27 billion since the beginning of the Russia-Ukraine conflict, marking a record high in the bloc’s history.
Billionaire and Tech mogul Elon Musk, who provided Ukraine with Starlink satellite services, mocked President Zelensky’s appeals for Western aid in October by posting a meme on X.
It can be noted that Musk earlier provided Starlink services at the start of the conflict, but later withdrawed his support.
Despite such challenges, the World Bank predicts Ukraine’s economy to grow by 3.5% in the current year after contracting by 29.1% in 2022.
