$60B pledged at Ukraine Recovery Conference

LONDON

The international community pledged a total of $60 billion to support Kyiv's reconstruction at the Ukraine Recovery Conference (URC) 2023 that concluded on Thursday.

The commitments at the two-day event in London are "one of the biggest reconstruction conference outcomes since the Second World War," said a UK Foreign Office statement.

"The URC, co-hosted by the UK and Ukraine, brought together a coalition of thousands of representatives from businesses, civil society and governments from 59 countries to commit support to Ukraine’s recovery as a modern, sustainable and resilient economy."

UK pledged $3 billion of additional guarantees to unlock World Bank lending over three years, and £240 million ($305 million) of bilateral assistance to Ukraine, while the US said it will support Ukraine with an additional $1.3 billion.

Switzerland announced a further $1.6 billion of support until 2027, while Germany said it will provide Ukraine with an additional €381 million ($418 million) in humanitarian support.

A commitment from the EU, which if adopted by the European Parliament and Council of the EU, will mobilize up to €50 billion ($55 billion) over four years in the form of both grants and loans, said the statement.

"As Ukraine recovers and rebuilds, we support its ambitions to emerge with a stronger, more resilient, sustainable and innovative economy," said UK Foreign Secretary James Cleverly.

Ukrainian Prime Minister Denys Shmyhal said there was an "incredible level of support and readiness" from Kyiv's allies to help Ukraine in the beginning of the rebuilding process.

"At the conference, we also extensively discussed the involvement of private capital and investments, which will be at the core of our reconstruction endeavours," he added.