Ukraine is attracting 60,000 million euros from foreign donors and the support of 500 companies for its reconstruction.

A conference on rebuilding Ukraine has raised “a total of €60 billion” in new funding to rebuild the country invaded by Russian forces, British Foreign Secretary James Clearley said on Thursday.

The event, jointly organized by London and Kyiv, brought together political leaders, businessmen and representatives of civil society from 60 countries for two days until Thursday to strengthen Ukraine’s economy and society.

Chhkvianur also confirmed that more than 500 companies from 42 states have signed a “Ukraine Business Compact” or business pact for Ukraine – including Google, Siemens or Uber – committing to invest there when “the time is right”.

According to the World Bank, the cost of rebuilding Ukraine, one year after the start of the war on February 24, 2022, amounted to 411,000 million dollars (376,000 million euros), and the investment needs for 2023 are about 14,000 million (12,810). million euros).

Ukrainian Prime Minister Denis Shmyhal thanked the financial support received from various countries and said at a press conference on Thursday that economic growth of up to 10% of Ukraine’s gross domestic product (GDP) is possible after the war, if investment conditions are met.

“And there are other important political statements as well. Our partners supported the idea of ​​using frozen Russian assets to rebuild Ukraine and have no doubts about our membership in the EU,” Schmihal said.

Commitments of the European Union, the United States and the United Kingdom

On the first day, Wednesday, the European Commission pledged 50,000 million euros in loans and grants for the period 2024 and 2027, on top of another 30,000 million reserved last year.

For its part, Great Britain said it would guarantee $3,000 million (€2,750 million) in World Bank loans in addition to a bilateral aid package, while the United States offered $1,300 million (€1,180 million) more, including more. $500 million to rebuild and improve the country’s crumbling power grid.

Spanish Foreign Minister Jose Manuel Albarez, He said in a pre-recorded video An additional seven million euros to provide shelters in infant schools and mobile clinics, as well as to help victims of sexual violence. Spain contributed 250 million to rebuild Ukraine after the Russian invasion.

“Russia must pay”

Ukrainian President Volodymyr Zelenskyi made a telematic intervention at the conference on Wednesday. Zelensky assured that his government has implemented domestic reforms that will give foreign investors the necessary “confidence” to help rebuild their country.

In turn, the country’s prime minister explained that the country is working to modernize and adopt EU practices and has developed a five-step plan to set priorities and ensure a “transparent” investment process. He stressed that his government is “focused” on introducing legislation and reforms that “offer investors” to the private sector, although he admits that the key is that they have access to war risk insurance policies that work. in cooperation with its allies.

British Foreign Secretary James Clearley said that the planned reforms of the Ukrainian government will allow the country to outperform other Europeans with a strategy of “digital innovation” and other sectors.

Opening the conference, UK Prime Minister Rishi Sunak said that “Russia must pay” for the destruction caused in Ukraine, but insisted that before that is possible, it is important that governments, and especially companies, help rebuild it. Obligation to invest “at the right time”.

Leader Tori He also presented at the London Conference on War Risk Insurance. A framework supported by the G7 (group of the most developed economies) and which will support insurers that will enable investments in Ukraine.

The president of the European Commission, Ursula von der Leyen, said on Tuesday that work is underway on the “possible use of Russian assets” for the recovery and reconstruction of Ukraine.

The idea of ​​using Russian assets came up more than a year ago, but at the time it seemed legally impossible. Politico reports the information.

Schmihal signed off and said there were “four important takeaways” from the conference. First, that Ukraine will “become a member of the European Union”. He then emphasized that all participants agreed that “Russia must pay” for the devastation it has caused, for which a fair compensation system must be agreed that would allow frozen Russian assets to be used to rebuild their country.

The third point he pointed out is that private companies, according to him, should contribute to the reconstruction. A fourth conclusion is that Ukraine’s recovery “will benefit not only Ukraine, but its partners and allies” because, he notes, it means “a huge boost to the European economy and opportunities” for entrepreneurs around the world.

“The reconstruction of Ukraine will be the largest project of its kind since World War II. As Ukrainian President Volodymyr Zelensky said, we are building more than the country, we are building the world,” he said.

Germany’s economic cooperation minister, Svenja Schulze, took the baton for Berlin to host the meeting next year, after Lugano (Switzerland) did so in 2022.

According to EFE

Source: El Diario





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