World Bank allocates funds for Ukrainian Social Safety Net Modernization Project

07.07.2014 13:21 "Agro Perspectiva" (Kyiv) — As to Government Portal, the World Bank’s Board of Executive Directors approved a US$300 million loan for the six-year Social Safety Net Modernization Project in Ukraine. Its main contractor is the Ministry of Social Policy. The project is part of the World Bank Group’s overall assistance to Ukraine. The purpose of the project is to expand a targeted social safety net program that will help the most vulnerable and socially excluded people. Minister for Social Policy Liudmyla Denisova has said that the new project is very important for Ukraine, because it will help for the first time in many years improve significantly the performance of social assistance and increase its effectiveness. According to her, the new investment, in the first place, will be used to support those most in need. «US$200 million will be used to improve the performance of social assistance to low-income families, US$100 million — to update the care system for children deprived of parental care as well as disabled children,» emphasized the Minister.

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