UK pledges $3bn for Ukraine reconstruction ahead of the International Ukraine Recovery Conference

The British Prime Minister Rishi Sunak has announced $3bn of funding over the next three years for Ukraine's reconstruction on Tuesday (20 June).

The announcement came one day before the International Ukraine Recovery Conference 2023 taking place in London on Wednesday and Thursday (21-22 June). The total cost of Ukraine's post-war reconstruction is understood to be approximately $411bn, although this figure will increase as Russia's invasion and occupation continues.

At the conference, Prime Minister Sunak is set to announce $3bn in World Bank loan guarantees, and is expected to tell the delegates: "As we've seen in Bakhmut and Mariupol, what Russia cannot take it will seek to destroy. They want to do the same to Ukraine's economy."

"President Zelensky's government is determined to drive reforms to become more open, more transparent and ready for investment."

Downing Street has said that more than 400 companies from 38 countries with a combined annual revenue of more than $1.6 trillion had promised to back Ukraine's recovery and reconstruction. Some of the multinationals and major corporations to have the Ukraine Business Compact to encourage trade, investment, and expertise-sharing, are Virgin, Sanofi, Philips, Hyundai and Citi.

On his part, when asked about the conference in a BBC interview, the Ukrainian President Volodymyr Zelensky said: "On the larger scale we are speaking about the transformation of Ukraine. This is Ukraine not only with its energy and agriculture and industrial complexes, but with its reforms we can see. This is the digitalisation of our country."

source: commonspace.eu with agencies
photo: Sky News
 

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