During the Ukraine Recovery Conference held in London, approximately $60 billion in assistance was pledged by countries and organisations to facilitate the reconstruction efforts in Ukraine.

A two-day conference devoted to the reconstruction of Ukraine ended in London. During the conference, key foundations for the comprehensive reconstruction of the country were established. Participants of the event committed to contributing $60 billion towards this endeavour. Presently, it is estimated that the minimum cost of lifting the nation out of devastation will be $411 billion.

Delegates from 59 countries, including business leaders, representatives from civil society, and government officials, participated in the conference. They reaffirmed their commitment to supporting Ukraine’s reconstruction. 

Recovery of Ukraine will be the biggest reconstruction project since the World War II. Today, on the sidelines of #URC2023, we signed a statement of intent on restarting the private insurance market together with @VDombrovskis, @OdileRenaud, @EU_Commission, 🇨🇭, 🇳🇴, @EIB and… pic.twitter.com/JwggHGhSMi

— Denys Shmyhal (@Denys_Shmyhal) June 21, 2023

Foreign Secretary James Cleverly, who co-chaired the event, said that  – “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.”

In summarising the conference, the British government outlined four primary areas where efforts will be focused on rebuilding the country. Firstly, immediate housing support for Ukraine was emphasised, including a package of UK financial assistance in the form of $3 billion in additional guarantees to unlock World Bank loans over a span of three years, along with £240 million in bilateral aid.

Recovery of 🇺🇦 means transformation & reform. These are a new quality of institutions, a new living space, a new European Ukraine. During #URC2023, I thanked everyone who helps us fight for our freedom and everyone who helps us rebuild. United in defence – united in recovery. pic.twitter.com/VjwNIYZNmu

— Denys Shmyhal (@Denys_Shmyhal) June 21, 2023

The second key aspect entails commitments from international businesses and the private sector. This presents an opportunity for corporations already considering their involvement in the country’s modernisation. Companies such as Google, Siemens, Vodafone, and Philips have expressed their interest in participating.

An additional source of funding for Ukraine’s reconstruction will come from the European Bank for Reconstruction and Development (EBRD), which plans to secure new capital ranging from EUR 3-5 billion from its shareholders. The G7 countries and the European Development Financing Institution, in collaboration with the EBRD, have established the Ukrainian Investment Platform. This platform aims to facilitate the attraction of private investments in Ukraine.

The restoration of Ukraine will benefit not only Ukraine but also our partners and allies. Told this during #URC2023. We are talking about a significant boost for the European economy, additional opportunities and prospects for businesses from all over the world. pic.twitter.com/ZlLO472rmn

— Denys Shmyhal (@Denys_Shmyhal) June 22, 2023

The fourth aspect involves financial contributions from the Ukrainian government, which will be instrumental in implementing necessary reforms in various sectors requiring modernisation. This includes areas such as energy, clean energy, cybersecurity, digitisation, innovation, and technology cooperation.

The forthcoming conference on Ukraine’s reconstruction is scheduled to take place in Germany next year.

Author: Patrycja Bodzek-Kurzyńska

Photo: Daniel Berehulak / The New York Times

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