Key players from the government sector, financial institutions, international organizations, business and civil society gathered in London on June 21-22, united by a common belief in the future of Ukraine. The conference in London was attended by representatives of governments and the business community from 59 countries of the world to support the recovery of Ukraine and its long-term economic future - sustainable, modern and open.
Government support
In total, Partners are investing $60 billion in the reconstruction of Ukraine" is happy to announce the important commitments of key players regarding the reconstruction of Ukraine after the aggression of Russia.
The European Union has announced a new multi-year program for which it has allocated up to 50 billion euros to support the reconstruction, modernization and recovery of the country.
The United States also does not stand aside, providing additional assistance in the amount of $1.3 billion, including $675 million for the modernization and restoration of critical infrastructure. The UK, in turn, is making a significant contribution, guaranteeing an additional $3 billion in support from the World Bank and £240 million for immediate needs.
And Switzerland is providing aid in the amount of 1.5 billion Swiss francs until 2027.
Private business and recovery
We note the active participation of the private sector in the reconstruction of Ukraine. About 500 companies from 42 countries with a total asset value of over $5.2 trillion have signed the Ukrainian Business Compact. They expressed their readiness to support the reconstruction and restoration of the country.
These companies from all over the world will actively cooperate with Ukraine in the energy, technological, infrastructure and financial sectors, as well as transfer their experience for the development of Ukraine's private sector.
The new digital platform launched by Great Britain and Ukraine is another step towards supporting the partnership of international companies and the private sector of Ukraine. This platform, which is currently operational, will facilitate the development and development of business-to-business partnerships. Such initiatives are expected to be implemented before the URC24 in Germany, so international partners will actively work on launching new joint projects.
These major commitments from governments and the private sector demonstrate deep support and confidence in Ukraine's potential for recovery and opening up new opportunities. Together with international partners, Ukraine is approaching an enlightened economic future, while maintaining its independence and the rule of law.
Military insurance
The Government of Ukraine and international partners are expanding commercial insurance in the country. Important steps were taken in the direction of business promotion and development of the insurance industry in Ukraine. At the London Conference, the Framework Program for War Risk Insurance was launched, which received great support from the government of Ukraine and international partners.
Great Britain has announced its contribution of 20 million pounds to join the support of the International Investment Guarantee Agency (MIGA) Trust Fund "Supporting the Reconstruction and Economy of Ukraine". The move is in addition to Japan's existing contribution of US$23 million. The signing of an extended Memorandum of Understanding between MIGA and ProCredit Bank led to an increase in the total amount of guarantees to EUR 40.85 million.
The European Bank for Reconstruction and Development (EBRD) also announced its intention to develop a pilot scheme for military risk insurance, showing its support for the development of the insurance sector in Ukraine. The Government of Ukraine, in turn, undertook to improve the exchange of information with the insurance industry, which will create a more favorable investment climate in the country.
The news of the EBRD's intention to attract EUR 3-5 billion of new capital from shareholders is also encouraging, which will help support lending in Ukraine during wartime and at the stage of reconstruction. This could result in a 4-fold increase in the bank's capital to increase its ability to provide financial support to Ukraine's recovery.
A new Ukrainian investment platform was launched in partnership with the EBRD, the G7 countries and European financial development institutions. This platform will facilitate the attraction of investments in order to maximize the return on their support. Also, the International Finance Corporation and the International Development Finance Corporation of the United States confirmed an agreement to support the IFC Global Trade Finance program, which will promote the openness of cross-border trade. Providing an additional credit guarantee in the amount of $20 million to Bank Lviv to support small and medium-sized businesses is another positive step.
In general, expanding commercial insurance in Ukraine and supporting private investment are important steps to strengthen the country's economic potential. The joint efforts of the government of Ukraine, international partners and financial organizations create the necessary conditions for the stable development and recovery of Ukraine after a difficult period.
High-quality and effective reconstruction: the Ukrainian government shows determination
The Government of Ukraine is filled with a remarkable desire to create a modern and innovative "green" economy, approaching the Single Market of the European Union. The G7+ countries have committed to developing a new Clean Energy Partnership for Ukraine, contributing to a rapid transition to a green energy system that is sustainable, stable and integrated with Europe. The USA announced the allocation of $520 million for the modernization of the Ukrainian energy system, and Ukraine's partners announced new investments in the Program of Action for Economic Stability of the International Financial Cooperation.
«InnovateUkraine Green Energy Challenge Fund» was launched at the, which will contribute to the acceleration of innovations in the field of affordable, low-emission energy. The Ukrainian Energy Initiative was also launched, aimed at accelerating the recovery of the energy sector of Ukraine. Ukrainian partners announced new technological areas of cooperation that will contribute to the realization of the impressive potential of Ukraine's expanding technological ecosystem, including the creation of a TechBridge between Great Britain and Ukraine, which will help attract investment.
Ukraine has demonstrated its leadership in the field of e-governance, promoting digital transformation and providing efficient public services for the future.
