Allies pledge billions of dollars to rebuild Ukraine at London conference

2023-06-21 18:10:48, Kosova & Bota CNA

LONDON (AP) – Ukraine's allies have pledged several billion dollars in aid to rebuild war-torn infrastructure, fight corruption and help pave the country's path to European Union membership.

Underscoring the dire needs, diplomats and political leaders at the Ukraine Recovery Conference in London urged private sector companies to invest to revive an economy battered by nearly a year and a half of war.

Delegates from more than 60 countries attended the conference, which is both a fundraising forum and a message to Russia that Ukraine's Western backers will be with Kiev for the long haul.

According to the World Bank, the cost of reconstruction is estimated at more than 400 billion dollars, a figure that grows daily with the number of victims from the Russian occupation. Politicians from Europe and the United States vowed that Russia would one day be made to pay for the destruction - although officials admit that day is still a long way off.

Secretary of State Antony Blinken said the United States will provide more than $1.3 billion in new aid, including more than $500 million to restore and upgrade Ukraine's damaged power grid.

European Commission President Ursula von der Leyen announced $55 billion until 2027, while Britain pledged $305 million in aid and $3.8 billion in World Bank loan guarantees for Ukraine. Germany announced $416 million in humanitarian aid.

Ukrainian President Volodymyr Zelenskyy, who addressed delegates via video, said his country needed action, not just promises.

"We need to move from vision to agreement and from agreement to real projects," he said.

Mr Zelenskyy, who is pushing for Ukraine to join NATO and the European Union, called on Western leaders to have the "courage" to admit that his country is already a key part of their economic and trade alliances. protection.

"We are only waiting for the courage of the leaders of the alliance to recognize this reality politically," he said.

President Zelenskyy wants to get a full commitment from EU leaders when they meet in October to start membership talks.

Ms Von der Leyen said "There is no doubt that Ukraine will be part of the European Union", but stressed that Kiev still needs to meet conditions before membership talks can begin, including reducing corruption and reforming the judiciary.

"Despite the war, Ukraine has accelerated its reform agenda with impressive speed and determination," Ms von der Leyen said. She said such reforms would send "a strong message" to investors that they will have the "transparency, fairness and functioning institutions needed to invest in Ukraine."

Secretary Blinken also emphasized the importance of anti-corruption efforts by Ukraine, a country long plagued by corruption. He said some of the US funds will go towards improving ports and border infrastructure and digitizing customs procedures to reduce rule-breaking.

"The goal is to rebuild a Ukraine that is suitable for the EU," said German Foreign Minister Annalena Baerbock, whose country will host another recovery conference next year.

Ahead of the conference, Secretary Blinken said post-war Ukraine will need the "strongest possible economy, the strongest democracy possible" in order to attract the investment it will urgently need.

The conference aims to leverage private sector investments. British Prime Minister Rishi Sunak said BT, Virgin, Philips and Hyundai Engineering are among more than 400 companies from 38 countries that have pledged to invest in Ukraine.

Prime Minister Sunak said Ukraine is a "huge investment opportunity" despite the growing devastation from Russian attacks.

Mr. Sunak called for investments in technology and green energy to help build "a financially stronger and technologically advanced Ukraine."

At last year's recovery conference in Switzerland, Ukraine called for the billions of dollars blocked from Russia by Western countries to be used for Ukraine's recovery.

This is still under discussion in various countries but Britain took a step in this direction this week, extending sanctions on Russia so that funds are kept frozen until Ukraine receives compensation for the invasion.

"Let's be clear: Russia is causing the destruction of Ukraine, and Russia will ultimately bear the cost of rebuilding Ukraine," said Mr. Blinken./ VOA