At the conclusion of the London-hosted Ukraine Recovery Conference, international commitments to aiding Ukraine’s recovery from the Russian invasion exceeded $60 billion, making it the largest conference outcome for reconstruction since World War II.
More than £4.7 billion in non-military aid from the UK has now been announced for Ukraine.
In addition to enabling private sector investment and using technology to promote innovative recovery, funding and commitments will help Ukraine meet its immediate recovery requirements and enhance global security, prosperity, and the rule of law.
This week’s Ukraine Recovery Conference (URC), which was held in London, helped to rally support for the country internationally in the face of Putin’s relentless onslaught and raised more than $60 billion for its recovery and reconstruction. This includes the UK’s amended pledges of £240 million in bilateral aid and $3 billion in additional guarantees to open World Bank credit to Ukraine.
Ukraine’s overall recovery and reconstruction needs are estimated by the World Bank to be $411 billion, with $14 billion needed in 2023 for priority investments in recovery and reconstruction.
The UK and Ukraine jointly hosted the URC, which brought together a coalition of thousands of businesses, civil society, and government officials from 59 nations to pledge support for Ukraine’s rehabilitation as a contemporary, sustainable, and resilient economy.
Foreign Secretary James Cleverly, who co-chaired the event, said, “The Ukraine Recovery Conference has sent a clear message that we not only stand with Ukraine through Putin’s attacks, but we will stand with Ukraine in peace. As Ukraine recovers and rebuilds, we support its ambitions to emerge with a stronger, more resilient, sustainable and innovative economy.
He added, “Commitments made at this event will go a long way to meeting Ukraine’s most urgent early recovery needs, but as Putin’s illegal war continues, the bill is only increasing. We, as an international community and a coalition of business, governments and civil society, must continue to focus our efforts to support Ukraine not just to defend its freedom, but in its recovery and reconstruction too.”
Prime Minister of Ukraine Denys Shmyhal said,“We express our gratitude to the Government of the United Kingdom for organizing the Ukraine Recovery Conference in London. We have felt an incredible level of support and readiness from Ukraine’s allies to assist us in commencing the rebuilding process this year.
“The rapid recovery programme has five priorities, which are vital projects for the survival of our country and our citizens. At the Conference, we also extensively discussed the involvement of private capital and investments, which will be at the core of our reconstruction endeavors. We sincerely thank all our partners for their support. We stand united in defence and united in recovery of Ukraine”.
The Conference’s key outcomes included support for Ukraine’s immediate early recovery needs, significant progress by G7 and EU member states, and global international financial institutions towards meeting the estimated $14 billion early recovery needs assessment of the World Bank, including: A landmark package of UK financial support for Ukraine, featuring $3 billion in additional guarantees to unlock World Bank lending over three years, and £240 million in bilateral assistance
Also, if an EU commitment is approved by the EU Council and European Parliament, it may raise up to €50 billion in grants and loans over the course of four years. As well, the US has provided Ukraine with $1.3 billion in funding to modernize its vital infrastructure and energy system.
Backing and commitments from international business and the private sector
The Ukraine Business Compact was signed by nearly 500 businesses representing 42 different countries and 21 industries, with a combined value of more than $5.2 trillion, including household names like Google, Siemens, Vodafone, Hitachi, Virgin Group, Rolls-Royce, and Philips signaling their intention to support Ukraine’s recovery.
Wider measures enabling further investment for Ukraine
The European Bank for Reconstruction and Development (EBRD) declared its plan to solicit between €3 and €5 billion in fresh cash from investors, supported by the UK, which might mobilise four times that amount to invest in Ukraine over the following years.
Leveraging private investment into Ukraine will be made possible by a new Ukraine Investment Platform created by the G7 and European Development Finance Institution in collaboration with the EBRD.
British International Investment (BII), the UK’s development finance organization, will receive up to £250 million in additional funding to support projects over the following few years to assist Ukraine’s economic recovery.
With up to £20 million in funding from the UK for the World Bank, new war risk insurance support is available for companies aiding in the reconstruction of Ukraine after Russia’s illegal invasion.
Backing for the Government of Ukraine’s reform and tech and energy innovation ambitions, including a £1.5 million to the Government of Ukraine’s digital system for reconstruction management to increase the transparency of reconstruction projects
£62 million in UK support to Ukraine’s energy sector, with a £10 million Innovate Ukraine Green Energy Innovations Challenge Fund and £25 million to the International Finance Corporation (IFC) Ukraine Economic Resilience Action platform to bolster Ukraine’s energy security
An agreement from the UK, Government of Ukraine and members of the G7+ on a Clean Energy Partnership to coordinate international efforts to rebuild a more modern, decentralized, and green energy system in Ukraine
A £26 million loan backed by UK Export Finance allowing the Ukrainian government to start rebuilding six vital bridges damaged as a direct result of the illegal Russian invasion, reopening supply routes near the capital Kyiv
A new UK-Ukraine TechBridge in London to bring together UK and Ukrainian innovators, entrepreneurs and the technology and financing industries to foster greater collaboration and drive forward recovery and reconstruction
£25 million in UK funding to bolster Ukraine’s cyber defences
A new UK-Ukraine-Estonia e-governance collaboration
The UK also unveiled a new set of sanctions earlier this week. This includes legislation allowing sanctions to continue until Russia makes amends for the harm it has caused as well as a new method for sanctioned people to donate their frozen funds to the rehabilitation of Ukraine.
At the conclusion of the conference, the Governments of Ukraine and the UK released a joint statement that details how their co-financing of the London Ukraine Recovery Conference helped to unlock the potential of the country, support the defeat of Russian aggression, and advance prosperity, security, and the rule of law around the world.
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