Prime Minister Rishi Sunak delivered an impassioned speech at the Ukraine Recovery Conference, held in London. Emphasizing the immense potential of Ukraine’s economy despite the challenges it currently faces. In his address, he highlighted Ukraine’s role as the breadbasket of Europe. A top exporter of iron ore and steel, and a leader in renewable energy and technology. Sunak praised Ukraine’s resilience and innovation, citing an example of Ukrainian tech experts developing a mobile app to track and neutralize enemy drones.
Acknowledging the economic repercussions of the war, which caused a 29% decline in Ukraine’s GDP the previous year. Sunak affirmed the determination of President Zelenskyy’s government to drive reforms, foster transparency, and attract investments. He pledged continued support for Ukraine’s defence and counter-offensive efforts. Moreover, outlined several measures to fast-track the country’s recovery. Including exploring lawful routes to hold Russia accountable for the destruction it caused and introducing new legislation to maintain sanctions until compensation is received.
UK’s Multi-Year Commitment: Loan Guarantees for Economic Support
The UK government announced a multi-year commitment to support Ukraine’s economy, offering loan guarantees worth $3 billion over three years. Sunak also launched the UK-Ukraine TechBridge initiative, aimed at promoting investment and talent exchange. Particularly in the field of green energy. He emphasized the need for collective efforts from governments, international financial institutions, and business leaders worldwide to aid Ukraine’s recovery.
Financial institutions such as the International Monetary Fund (IMF) and the European Bank for Reconstruction and Development (EBRD) are actively participating in Ukraine’s revival. The IMF has allocated $15 billion over four years as part of the G7’s commitment of $115 billion. Sunak stressed the crucial role of the private sector in driving innovation and investment and introduced the Ukraine Business Compact. A platform for businesses to pledge their support for Ukraine’s recovery.
Over 400 Businesses Pledge Support through Ukraine Business Compact
Over 400 businesses from 38 countries, with a combined market capitalization of $4.9 trillion, have already pledged their support through the Ukraine Business Compact. The City of London, known for its deep and liquid capital markets, will play a significant role in the London Conference Framework for War Risk Insurance. That aims to facilitate investment in Ukraine by removing barriers and instilling confidence in investors.
Prime Minister Sunak concluded his speech with an inspiring story of a Ukrainian soldier planting seeds of hope amidst the destruction of war. He expressed confidence in the Ukrainian people’s ability to harvest the fruits of their collective efforts. He highlighted the commitment of the international community to support Ukraine in its recovery.
The London Conference marked a significant milestone in coordinated efforts to assist Ukraine in rebuilding its economy and securing a prosperous future. The pledged support from governments, financial institutions, and businesses worldwide. That reflects the belief in Ukraine’s potential and the determination to help the nation recover from the challenges it currently faces.