Ukraine receives $90 mln from Japan to restore agriculture

Ukraine’s state budget received about $390 million from Japan as part of World Bank projects aimed at social protection and agricultural restoration, the Ministry of Finance said in a statement.

According to it, Japan’s financial assistance in January consists of a grant portion of funds in the amount of $89.8 million within the framework of the Agriculture Recovery Inclusive Support Emergency in Ukraine (ARISE) project and a portion of loan funds in the amount of $300 million within 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 the strong financial support of Ukraine. The funds raised will be used to reimburse expenses of the state budget of Ukraine for priority needs, in particular in the field of reconstruction and social assistance,” the release quoted Finance Minister Serhiy Marchenko as saying.

The Ministry of Finance recalled that the INSPIRE project is financed by a World Bank loan in the amount of $1.2 billion from the Advancing Needed Credit Enhancement for Ukraine Trust Fund (ADVANCE Ukraine) with the support of the Japanese government and is aimed at providing social protection to vulnerable populations during and after the war, and strengthening the adaptability of the social support system to effectively respond to the challenges of the present and future.

The goal of the ARISE project is to support agricultural producers’ access to financing through preferential loans and grants.

Tags: Japan, Ukraine