Ukraine’s allies pledge support and investment at London conference

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The UK hosted a two-day international conference on Ukraine’s recovery, with the participation of more than 40 countries and organizations, including the US, the EU, NATO, and the World Bank. The conference aimed to mobilize funds and political support for Ukraine’s reconstruction and reform efforts, amid the ongoing war with Russia that has devastated the country’s economy and infrastructure.

The conference was opened by UK Prime Minister Rishi Sunak, who announced a new package of financial assistance for Ukraine, including $3 billion of World Bank loan guarantees and £240 million of bilateral aid. He also launched a new framework for war risk insurance, backed by the G7 members, to encourage private investment in Ukraine’s long-term development.

Ukraine’s President Volodymyr Zelenskyy addressed the conference via video link, thanking the UK and other allies for their solidarity and assistance. He said Ukraine was determined to overcome the challenges posed by Russian aggression and to implement reforms to strengthen its democracy, rule of law, and market economy. He also called for more pressure on Russia to respect Ukraine’s sovereignty and territorial integrity and to implement the Minsk agreements.

The conference also featured representatives from the private sector, civil society, and international organizations, who discussed various aspects of Ukraine’s reconstruction, such as infrastructure, energy, health, education, digitalization, and innovation. Several businesses announced new projects and investments in Ukraine, highlighting its potential as a vibrant and creative European country.

The conference concluded with a joint statement by the co-hosts, the UK and Ukraine, reaffirming their commitment to work together with other partners to support Ukraine’s recovery and resilience. They also agreed to hold the next Ukraine Recovery Conference in 2024 in Kyiv.

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