Conference on rebuilding Ukraine starts in London
On June 21, London hosts the Ukraine Recovery Conference. More than 1,000 foreign officials from 61 countries, representatives of non-governmental organisations, business leaders and entrepreneurs are taking part in the event.
• The European Union will cover 45% of Ukraine's reconstruction needs until 2027, a sum of around €50 billion. Funding will be provided in the form of grants, loans and frozen Russian assets. This was announced by European Commission President Ursula von der Leyen.
• The UK will provide Ukraine with loan guarantees worth three billion dollars. The funding will be used to support vital public services, including schools and hospitals. The United Kingdom will also provide £250 million for the UK's Development Finance Institute. The funds will be used for demining, disaster relief kits, reform programmes and energy projects.
• The United States will provide $1.3 billion in additional assistance for Ukraine's recovery. The money will be used to repair power grids, support energy market reforms, modernise border crossings, railways, and ports, fight corruption, and support entrepreneurs.
• The European Investment Bank will allocate €840 million to implement projects to restore schools, hospitals, transport networks, water supply and sewage infrastructure. The Bank will also finance the development of digital transformation and the strengthening of cybersecurity. The memorandum was signed by Oleksandr Kubrakov, Vice Prime Minister for Reconstruction of Ukraine, and Werner Hoyer, President of the European Investment Bank.
• Germany will provide an additional €381 million in humanitarian aid in 2023.
• Spain will allocate €250 million to equip Ukrainian schools with shelters, support victims of sexual violence and provide mobile clinics for newborns. Spain will also provide more than 24,000 tonnes of humanitarian aid for the victims of the Kakhovka HPP explosion.
• France will provide an additional €40 million in financial assistance for reconstruction in 2023 and is preparing a multi-year plan for humanitarian, financial and economic assistance, which will mainly consist of grants.
