Participants discussed multibillion-dollar help for Kyiv on the opening day of the London conference on Ukraine's rehabilitation on June 21. The Ukrainian delegates believe that the nation's financing needs are enormous in light of the ongoing conflict and that for the country to become "an influential member of the Western world," the allies must commit to specific initiatives.
Ukrainian Prime Minister Denys Shmyhal says a little more than 14bn euros are necessary to address essential tasks such as economic support, demining, and housing reconstruction. Ukraine anticipates attracting half of this sum through the Coordinating Donor Platform method.
“Overall, the long-term recovery will take at least $411bn. Every day Russia strikes again, and, unfortunately, the damage will increase” states Prime Minister of Ukraine, Denis Shmygal.
The European Commission presented a draft of a new fund for Ukraine's needs in London, which, if approved by the European Parliament and the EU Council, will allow for the mobilization of up to 50bn euros in grants and loans over four years.
“This is our work and our duty to the Ukrainians, who paid with their lives to make this new future a reality step by step”, says Ursula von der Leyen, President of the European Commission.
The United States will provide another $1.3bn to "overhaul Ukraine's energy system" and modernize other essential infrastructure.
“Reconstruction activities are establishing the groundwork for a prosperous, secure, and autonomous Ukraine that is fully linked into Europe and the global economy,” believes US Secretary of State, Anthony Blinken.
On June 22, the final day of the conference, private investment groups will present their proposals for the restoration of Ukraine.
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