About $60B attracted at London conference to support Ukraine’s recovery – Shmyhal
At the Ukraine Recovery Conference in London, countries and organizations pledged about $60 billion in aid to support the reconstruction of Ukraine.
Prime Minister of Ukraine Denys Shmyhal wrote this on Facebook, Ukrinform reports.
"Last week was marked by the Ukraine Recovery Conference in London, where Ukraine received practical results that strengthen our resilience and accelerate reconstruction. Financial resources worth about $60 billion were attracted for recovery," he wrote.
Shmyhal noted that at the conference, the EU announced EUR 50 billion for the next four years. According to him, these funds will be used to cover the state budget deficit and finance reconstruction projects. In addition, the United Kingdom will allocate £3 billion to Ukraine for the next three years, including £240 million for this year. Also, Ukraine and the United Kingdom will establish an InnovateUkraine Green Energy Challenge Fund.
Shmyhal added that the World Bank and Ukraine reached an agreement on a $1.76 billion aid package to finance social payments. Along with this, financial support programs from individual countries were announced: the USA announced an additional $1.3 billion of support for transport infrastructure, digitalization and energy, Germany – an additional EUR 381 million, in particular for humanitarian demining, Switzerland – CHF1.5 billion within medium-term support program.
The Prime Minister said that at the conference, the European Investment Bank announced a new projects portfolio for Ukraine’s reconstruction worth EUR 840 million, including projects on municipal infrastructure, water supply, transport, cybersecurity.
The EBRD will also support the Ukrainian energy companies Naftogaz, Ukrenergo and Ukrhydroenergo with EUR 600 million.
The Prime Minister noted that the partners will continue to financially support Ukraine within a four-year $15.6 billion program from IMF.
Shmyhal emphasized that the partners positively assess the dynamics of reforms in Ukraine, do not doubt the European prospects for Ukraine and support the idea of using frozen Russian assets for the reconstruction of Ukraine.
As reported, the Ukraine Recovery Conference was held in London on June 21-22. More than 400 global companies have pledged to support Ukraine in rebuilding its economy.