The World Bank Invests in the Restoration of the Housing Fund of Ukraine

by Meifan Honcharuk
Monday, September 4, 2023
The World Bank Invests in the Restoration of the Housing Fund of Ukraine

The first tranche of $232 mln under the HOPE project will help rebuild cities according to inclusive and ecological principles

On August 30, the World Bank launched the Housing Repair for People's Empowerment Project, aimed at rebuilding residential buildings that do not require major repairs and full restoration. Thus, before the onset of cold weather (it is November in Ukraine), Ukrainians will be able to repair war-damaged roofs, pipes, install windows, etc., in their houses.

"The project will also support the government of Ukraine to build the foundation for resilient, inclusive and green reconstruction, a colossal task that will take time and require significant international support. The World Bank stands with Ukraine as it starts repairing housing and other urban infrastructure," Antonella Bassani, WB VP for Europe and Central Asia.

In February 2023, the losses caused by the Russian war to the Ukrainian housing stock of our country are estimated at $50 billion. Thanks to HOPE, Ukraine had the opportunity to restore approximately ⅔ of the damaged buildings to a habitable state: 98.000 private houses, 8.000 apartments in 160 high-rise buildings in 5 regions. In total, 1.4 million places of residence (apartments, houses, households) and 3.5 million people who lived there were affected by the Russian war.

HOPE is realised thanks to $70 million guarantees from Japan and $162.5 million from the USA (the donor Trust fund for support, recovery, reconstruction and reform of Ukraine) for the International Bank for Reconstruction and Development. $800 million in guarantees and grants from international partners for the World Bank are likely to be added to the project.

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