Ukraine Recovery Conference begins in London

LONDON

The Ukraine Recovery Conference 2023 (URC 2023) began on Wednesday, bringing together a wide range of stakeholders to London to help mobilize financial and political support for the country’s post-war recovery.

Officials from more than 60 countries and representatives of international financial institutions, the private sector and civil society are participating in the two-day event.

The conference's goal is to rally international support for post-war reconstruction in Ukraine.

During the opening session, UK Prime Minister Rishi Sunak reiterated Britain's support for Kyiv, saying his country works with allies "to explore lawful routes to use Russian assets" in rebuilding Ukraine.

He said that the UK will provide Ukraine with a multi-year $3 billion package of financial support to help stabilize its economy as it continues to push back Russian forces.

Meanwhile, Ukrainian President Volodymyr Zelenskyy addressed the conference via video link and said that recovery is a global task.

"We protect Ukraine, and thus we protect freedom," the president said, adding: "When we build Ukraine, we will build freedom for the country, region, continent, (and) world."

For her part, European Commission President Ursula von der Leyen reiterated the EU’s support for Ukraine.

"(Russian President Vladimir) Putin shattered peace on our continent on 24 February in 2022. But he triggered also Ukraine's journey towards its dream. And it's our job and our duty to the Ukrainians who have paid the ultimate sacrifice that we ensure that this re-imagined future becomes reality. Brick by brick house by house, school by school? Together we are by Ukraine's side for the long haul," she said.

She also added that the European Commission is contributing €18 billion ($19.6 billion) already this year, and together with other donors, they closed the Ukrainian budget gap for 2023.

This financial injection will enable Ukraine to continue essential operations, such as paying salaries, pensions, and healthcare expenses.

Von der Leyen also emphasized the EU's “special responsibility” toward Ukraine. “The reason is simple: When Ukrainians imagine their future, they see Europe's flag flying over their cities.”

"I have no doubt that Ukraine will be part of our Union," she said.

For his part, US Secretary of State Blinken said that Russia is “causing Ukraine's destruction” and it "will eventually bear costs of Ukraine's reconstruction."

"In addition to our economic development humanitarian assistance, the US will continue to invest in Ukraine's long-term efforts to strengthen good governance, transparency, accountability," he added.


Reminding that earlier this month, Ukraine passed reforms to align its energy market regulations with the EU, Blinken said that these and other critical reforms to increase Ukraine's transparency competitiveness to bolster the rule of law will help attract more private investment.

He also said that the US will provide $1.3 billion of additional aid to Ukraine.

German Foreign Minister Annalena Baerbock also said that Ukraine "will eventually become a member of the EU."

"I'm convinced that we need to further link Ukraine's recovery, and the EU accession process," she noted.

Baerbock said that her government is stepping up efforts for Ukraine, adding that Germany will provide Ukraine with an additional €381 million for humanitarian assistance.

According to the World Bank, Ukraine's reconstruction will cost more than $400 billion.