World Bank to provide Ukraine with $84 million for housing recovery project - Who to benefit
Photo: Ukraine to receive additional funding to repair war-damaged housing (Getty Images)
Ukraine will receive an additional $84 million in funding from the World Bank under a housing recovery project approved in response to damage caused by Russian military aggression, according to the Ministry of Finance of Ukraine.
Funding is being provided under the HOPE Project - Housing Repair for People's Empowerment.
According to the Ministry of Finance, the funds will be used to restore housing damaged as a result of Russia’s war, through the government’s eRecovery program.
"It is expected that over 25,000 households will be able to repair their homes thanks to this funding," the ministry stated.
The World Bank Board of Executive Directors approved the additional funding on May 9, and the agreement was officially signed on May 15 between Ukraine and the International Development Association (IDA).
The agreement was signed by Oleksii Kuleba, Deputy Prime Minister for Ukraine’s Restoration and Minister for Communities and Territories Development, and Bob Som, the World Bank’s Regional Director for Eastern Europe.
About HOPE Project
The project aims to address urgent and critical needs for repairing partially damaged individual and multi-family residential buildings in communities affected by Russia’s aggression against Ukraine.
According to the Ministry of Finance, since the project’s launch, over 87,000 households have already received compensation for damaged property.
The ministry also noted that the additional funding is being provided "under the IDA Crisis Response Window’s Special Program for Ukraine and Moldova (SPUR)."
About eRecovery Program
Prime Minister Denys Shmyhal recently reported that nearly 100,000 Ukrainian families have benefited from the eRecovery program over the past two years, receiving funds to repair damaged homes or purchase new ones using housing certificates.
Currently, support for housing repairs under this program totals 9.8 billion UAH. Shmyhal also noted that the government has issued over 17,400 housing certificates worth more than 25 billion UAH.
Parliament has recently called for expanding the eRecovery program.
Earlier in April, Shmyhal also announced that the World Bank would allocate $423 million in funding to Ukraine, which will be directed toward restoring transport infrastructure.
