US to provide $1.3bn in additional assistance for Ukraine's recovery

The United States of America has announced a new $1.3 billion package to help rebuild Ukraine.

The US Secretary of State, Antony Blinken, announced this at the Ukraine Recovery Conference.

$520 million will be invested in repairing Ukraine's power grids and supporting reforms of Ukraine's energy market.

$657 million will be used to modernise Ukraine's border crossing points, railway lines, and ports.

$100 million will be allocated to digitise Ukraine's customs and other systems to speed up the fight against corruption.

$35 million will be allocated to Ukrainian entrepreneurs through financing and insurance, which reduces the risks for investors in Ukraine.

The total amount of US funding for Ukraine will be about $64 billion.

The Ukraine Recovery Conference has started in London. More than 1,000 foreign officials from 61 countries, representatives of NGOs, business leaders, and entrepreneurs are taking part in the event.

It will be recalled that the UK has announced the provision of loan guarantees to Ukraine worth $3 billion over three years.