WASHINGTON, Dec. 1 (TASS) - The Board of Directors of the World Bank made the decision to approve the extension of a $1.2 bln loan to Ukraine, the World Bank’s press service said.

Money will be allocated to support 29 social aid programs for "the most vulnerable people in Ukraine" under the project of Investing in Social Protection for Inclusion, Resilience, and Efficiency (INSPIRE).

"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 World Bank noted.

The project is "an integral part of the international support package for Ukraine to meet its financing needs through 2024," the World Bank added.

Photo from Tass