World Bank to provide Ukraine critical housing repairs support
The World Bank has allocated USD 232 million in aid to Ukraine for emergency repairs to housing damaged by Russia’s invasion under the Housing Repair for People's Empowerment (HOPE) project, it said in a statement.
The funds are meant to provide compensation to more than 100,000 Ukrainian families.
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"The HOPE Project will help thousands of Ukrainian families receive funds to begin repairing their homes before winter sets in," said Antonella Bassani, World Bank regional vice president for Europe and Central Asia.
"The project will also support the government of Ukraine to build the foundation for resilient, inclusive and green reconstruction, a colossal task that will take time and require significant international support."
The total damage cost to Ukraine’s housing sectoris more than USD 50 billion as of February 2023, per World Bank estimates.
The HOPE project is designed to help fix the approximately two-thirds of the country’s damaged residential buildings that are considered repairable.
This USD 232 million, which is the project’s initial funding, will compensate people whose homes have suffered partial damage, including some 98,000 single homes and 8,000 households in 160 residential buildings across five regions.
The funding for the HOPE Project consists of a USD 70 million loan from the International Bank for Reconstruction and Development, backed by a guarantee from the government of Japan, and a USD 162.5 million grant from the Ukraine Relief, Recovery, Reconstruction and Reform Multi-Donor Trust Fund.
Over time, additional funding of up to USD 800 million is anticipated from the World Bank partners through guaranteed loans, grants, and other contributions.
Overall, since Russia’s full-scale invasion of Ukraine, World Bank-mobilised support includes more than USD 37 billion in emergency financing for Ukraine, used to provide basic public services to over 13 million Ukrainians.