The United Kingdom has pledged long-term support for Ukraine’s economy. The Prime Minister of the United Kingdom announced this at the Ukraine Recovery Conference (URC23). The event is taking place in London from June 21 to 22 and is a continuation of the International Conference on Reforms in Ukraine, which started in 2017.
The UK plans to provide $3 billion in additional guarantees to unlock World Bank loans and £240 million in bilateral aid.
At the two-day conference, the world’s leading companies pledged to support Ukraine’s recovery and reconstruction after Russia’s illegal invasion. The UK initiated the Ukraine Business Deal. Over 400 companies from 38 countries signed it. Among the companies involved are Virgin, Sanofi, Philips, Hyundai Engineering, and Citi.
The UK has also allocated 20 million pounds for insurance for companies operating in Ukraine. This opens up an important stream of private investment. The funds will go to the World Bank’s Multilateral Investment Guarantees Agency (MIGA).
The UK Foreign Secretary additionally announced a package of support for reconstruction. Among the various initiatives, the Partnership Fund for a Resilient Ukraine will allocate 12 million pounds. The funds will be used for the reconstruction of the recently liberated territories in the east, south and border areas of Ukraine.
UK announces multi-year financial assistance to support and rebuild Ukraine
ID no: 22726
Nov 27, 2024
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