KYIV, Dec 1 – On November 30, the World Bank approved a new project for Ukraine, Investing in Social Protection for Inclusion, Resilience, and Efficiency (INSPIRE) worth $1.2 billion, which will provide financing for 29 types of social benefits to the most vulnerable segments of the population Ukraine, suffering from the devastating consequences of Russia's invasion of Ukraine.

"The INSPIRE project is financed by a $1.2 billion World Bank loan, backed by a credit enhancement from the Advancing Needed Credit Enhancement for Ukraine (ADVANCE Ukraine) Trust Fund, supported by the Government of Japan," the bank said in its message on Friday.