US will allocate $1.3 billion to restore Ukraine's energy infrastructure
Photo: Reuters
The United States will provide Ukraine with an additional package of $1.3 billion in financial assistance for recovery after the Russian invasion.
Speaking at the Ukraine Recovery Conference in London, US Secretary of State Antony Blinken said most of the funds would be directed to "overhaul its energy grid" and modernize critical infrastructure, RBC-Ukraine reports.
Blinken outlined how $657 million will help modernize Ukraine's rail lines, ports, and other critical infrastructure, $100 million will be used to help digitize national systems "to boost speed and to cut corruption," and $35 million will go to Ukrainian businesses.
More than $520 million of the total amount will go toward helping Ukraine "overhaul its energy grid," Blinken added.
Blinken also emphasized that recovery is more than just providing people with what they need to survive, like food and water.
"Recovery is about laying the foundation for Ukraine to thrive as a secure, independent country, fully integrated with Europe, connected to markets around the world," the state secretary said.
Blinken estimated that the United States is investing hundreds of millions of dollars to strengthen the digital sector of Ukraine, help fight corruption, and help Ukrainian businesses in a financial crisis.
Blinken said the new aid would complement the more than $20 billion in economic and development support the United States has provided to Ukraine.
According to the statement of the US State Department, the total US financing for Ukraine will be about $64 billion thanks to the new funding.
The United States money will add to a larger financial aid package from the European Commission, which has offered €50 billion to finance the Ukrainian government's current spending and urgent recovery priorities.
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.
