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A recent initiative by the World Bank aims to assist over 100,000 Ukrainian households affected by Russia’s invasion in making essential repairs to their homes. Known as the Housing Repair for People’s Empowerment Project (HOPE), this endeavour will empower homeowners to address minor issues like replacing broken windows or repairing damaged roofs. Additionally, it will provide financial support to owners of multifamily residential buildings with moderate damage that doesn’t require structural fixes.
Antonella Bassani, the World Bank Regional Vice President for Europe and Central Asia, expressed that the HOPE Project will enable numerous Ukrainian families to secure funding for home repairs in preparation for the upcoming winter season. The project covers buildings in five municipalities, and recipients will receive retroactive compensation for their repairs once their expenses are validated.
Funding for the HOPE Project comprises a $70 million IBRD loan, supported by a guarantee from the Government of Japan, and a $162.5 million grant from the Ukraine Relief, Recovery, Reconstruction, and Reform Multi-Donor Trust Fund. Over time, additional funding of up to $800 million is expected to come from World Bank partners in the form of secured loans, grants, and other contributions.
The invasion is estimated to have impacted approximately 1.4 million residential units, which accounts for 7% of the total residential unit inventory and has affected 3.5 million people. Nearly 87% of the damaged housing units were in multifamily buildings, and four out of every five affected units were located in urban areas
The project will also assist the Ukrainian government in laying the groundwork for a robust, inclusive, and environmentally friendly reconstruction effort, a monumental undertaking that will necessitate time and substantial international assistance. The World Bank stands alongside Ukraine as it embarks on the journey to repair housing and other urban infrastructure.
As of February 2023, the estimated cost of damage to Ukraine’s housing sector exceeded $50 billion. This project is specifically designed to address the repair needs of approximately two-thirds of the country's damaged residential buildings.
The initial funding allocation, totalling $232 million, will provide compensation to individuals whose homes have sustained partial damage, encompassing around 98,000 single homes and 8,000 households within 160 residential areas.
The HOPE Project, to be executed by the Ministry for Communities, Territories, and Infrastructure Development of Ukraine, represents the fourth World Bank framework project sanctioned for Ukraine this year. These projects are designed to efficiently utilize partner resources through a flexible approach to rapidly allocate funds and can be expanded when additional financing becomes accessible. Similar initiatives cover emergency operations in health, transport, and energy sectors and incorporate necessary fiduciary, environmental, and social safeguards.
With this recent declaration, the World Bank (Group) has overseen the provision of over $37 billion in urgent financial aid to aid Ukraine. This support encompasses commitments and promises from various donors, including the United States, Japan, the United Kingdom, Norway, the Netherlands, Spain, Germany, Canada, Switzerland, Sweden, Denmark, Austria, Finland, Ireland, Lithuania, Latvia, Iceland, and Belgium.
In the upcoming year, the World Bank and the Government of Ukraine will persist in concentrating their efforts on investments and vital reforms within key sectors such as energy, healthcare, social safety nets, education, housing, and agriculture.
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