Ukraine’s allies pledge several billion dollars for nation’s reconstruction

Ukraine’s allies pledge several billion dollars for nation’s reconstruction

• Ukraine’s allies have pledged several billion dollars in non-military aid to rebuild the country’s war-ravaged infrastructure, fight corruption and help pave the country’s road to membership in the European Union. Stressing the vast scale of the task, diplomats and political leaders at the Ukraine Recovery Conference in London urged private-sector companies to invest and revive an economy battered by almost 16 months of war.
• Delegates from more than 60 countries attended the conference, which was both a fundraising forum and a message to Russia that Ukraine’s Western supporters are in it for the long haul. The World Bank has estimated the cost of the invaded nation’s reconstruction at more than $400 billion, a figure rising daily alongside the human toll of Russia’s aggression. The U.S. would give more than $1.3 billion in new aid, including more than $500 million to restore and improve Ukraine’s battered energy grid.
• European Commission President Ursula von der Leyen announced 50 billion euros ($55 billion) in support through 2027, while Britain pledged 240 million pounds ($305 million) in aid and 3 billion pounds ($3.8 billion) in World Bank loan guarantees for Ukraine. Germany announced 381 million euros ($416 million) in humanitarian aid.

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Published date : 22 Jun 2023 06:14PM