UK will send $3 bln to Ukraine to support country’s recovery

Great Britain has announced it will provide Ukraine with new financial assistance of $3 billion over the next three years.

British Prime Minister Rishi Sunak stated this during the Ukraine Recovery Conference, RBC-Ukraine reports.

To recap, Great Britain announced financial support for Ukraine, which includes credit guarantees from the World Bank in the amount of $3 billion and bilateral aid of £240 million ($305 million).

Downing Street clarified that the announcement should take place on Wednesday at the conference on the restoration of Ukraine, which will be held in London.

"Over three years, we will provide loan guarantees worth $3 billion, and we are also launching a new UK-Ukraine technology bridge to promote investment and talent, as well as support for green energy and much more — all part of a huge collective effort by allies and partners with around the world, including significant new support from the EU, which will also be announced this week," Sunak said.

Sunak noted the importance of building a platform for business. After all, it, for its part, will be able to attract innovations and investments that Ukraine needs.

"That is why we are launching the Ukrainian Business Compact so that the private sector can pledge its support for the recovery and reconstruction of Ukraine," the British Prime Minister added.

What we know about the Ukraine Recovery Conference in London

The conference dedicated to restoring Ukraine is currently taking place in London. More than a thousand representatives from 61 countries participate in it, including high officials, representatives of non-governmental organizations, hundreds of business leaders, and entrepreneurs.

Among the speakers at the conference is President of the European Commission Ursula von der Leyen, US Secretary of State Antony Blinken, President of Ukraine Volodymyr Zelensky, Ukraine's Prime Minister Denys Shmyhal, and Prime Minister of Great Britain Rishi Sunak.

During the conference, the parties will discuss reforms necessary for the post-war recovery of Ukraine, the promotion of trade and investment, and the restoration of human capital. Attention will also be paid to energy restoration and demining.

On June 19, Great Britain adopted legislation allowing it to maintain sanctions against the Russian Federation until Moscow paid compensation to Ukraine.

The European Commission proposes creating a special financing instrument to support Ukraine for up to €50 billion from 2024-2027. This step will support Kyiv's efforts to support macro-financial stability and contribute to the reconstruction and modernization of the country.