By Elizabeth Piper and Marc Jones
LONDON (Reuters) – Ukraine on Wednesday called on Western countries to pledge more than $6 billion more, to help it rebuild in the coming months , saying Russia’s war meant Kiev faced Europe’s biggest reconstruction project since World War II.
At a meeting in London where the UK, US, EU and others pledged billions of dollars in additional aid, Ukraine said it needed more money and commitments to specific projects, Not just recovery, but development as a strong player in the Western world.
Ukrainian Prime Minister Denys Shmyhal puts future price tag at over $6 billion months, he said he would do his best to make up the shortfall during the conference, which London hopes will cement its status as Kiev’s main backing position of the recipient.
“We set an ambitious target to ensure commitment to it,” he said.
While acknowledging the support so far, Ukrainian President Volodymyr Zelensky was blunt – Kiev also needs to make concrete commitments to projects that will not only help Ukraine restored but further modernized.
After nearly months of Russia’s war on Ukraine destroying homes, hospitals and Elsewhere in critical infrastructure, British Prime Minister Rishi Sunak opened the conference by calling on businesses and governments to do more to help rebuild.
Addressing the main difficulty faced by most companies wanting to invest in Ukraine – War damage and sabotage insurance – Sunak announced the framework of the London War Risk Insurance Conference which could pave the way for reducing investment risk the way.
“Together with our allies, we will continue to support Ukraine’s defense” Sunak said at the meeting: “In order to counterattack, we will stand with Ukraine as long as they continue to win this war. “Public and private sector policymakers.
He said the London conference framework was “a big step forward in helping insurers underwrite investments in Ukraine”, removing one of the biggest hurdles One, and give investors the confidence they need to act.”
Marsh McLennan (NYSE: MMC), a professional services group that has been working on the UK government’s plans, said War risk insurance schemes must be provided on an unprecedented scale and supported by governments.
More aid concessions
Sunak unveiled measures including an additional $3 billion in guarantees to unlock World Bank loans. This includes 20 million pounds ($16.27 million) Increased access to the World Bank’s Multilateral Investment Guarantee Agency, which provides political risk insurance for projects.
European Commission President Ursula von der Leyen said that the EU will provide Ukraine with 40 one billion euros for 2024-27, while U.S. Secretary of State Anthony Blinken provided $1.3 billion in additional aid.
German Foreign Minister Annalene Berberk said Berlin was providing 400 additional 50 million euros in humanitarian assistance 2023.
But Zelensky, via a video link, said Ukraine needed more targeted help in “real projects” that would spur growth in an economy he said had moved away from Ukraine The oligarchic model of the Soviet era.
Ukraine is seeking help of up to $1 billion to fund the first part of the “Green Marshall Plan” to rebuild the economy, including developing a coal-free steel industry, a senior Ukrainian official said ahead of the meeting.
The total cost will be huge, Ukraine, World Bank, European Commission and UN estimated in March at $400 first year of war billion dollars. It could easily exceed $1 trillion.
Western officials hope the meeting will encourage the private sector to use its resources to help accelerate Ukraine’s reconstruction by investing in small and medium-sized projects. Sunak stated that more than 50 companies from 27 countries signed the Ukrainian business contract, Statement in support of Ukraine’s recovery.
European Investment Bank President Werner Hoyer said he had the feeling “not everyone is aware of the speed” while listening to the conference Vital”.
(1 USD=0.7851 GBP)
