IBRD grants Ukraine 300-mln-USD loan to support low-income families

KIEV, Dec. 14 (Xinhua) -- Ukraine has signed an agreement on a 300-million-U.S.-dollar loan with the International Bank for Reconstruction and Development (IBRD) and will receive the first tranche of 170 million U.S. dollars by the end of this year, Ukrainian Ministry of Finance reported on its official website on Monday.

According to Ukrainian Finance Minister Serhiy Marchenko, the loan is part of the project "Modernization of the social support system of the population of Ukraine", which amounts to 750 million U.S. dollars in total.

The project has been implemented since 2014, which aims to provide social assistance and social services for low-income families, as well as assistance to families suffering from the COVID-19 pandemic.

IBRD is a member of the World Bank. Since 1992, World Bank has implemented over 80 projects and programs worth 14 billion U.S. dollars in Ukraine, becoming one of the largest lenders and investors in the country.