London hosts Ukraine Recovery Conference 2023

More than 1000 foreign dignitaries from 61 states, NGO representatives and hundreds of business leaders and entrepreneurs are discussing a plan for attracting investment to Ukraine at the Ukraine Recovery Conference 2023, which is taking place in London, UK. The efforts of international partners are focused on non-military financial support for Ukraine and intensification of interregional partnership.

The British government said in a statement

UK Prime Minister Rishi Sunak opened the Ukraine Recovery Conference 2023 alongside Ukrainian President Volodymyr Zelenskyi, who joined the event virtually. In his opening remarks, the Prime Minister emphasized the importance of supporting Ukraine as it recovers from unprovoked Russian aggression.

“As we’ve seen in Bakhmut and Mariupol, what Russia cannot take it will seek to destroy. They want to do the same to Ukraine’s economy. And the scale of the challenge is real. The war brought a 29% fall in Ukraine’s GDP last year. But just look at the streets of Kyiv. Despite the threat of attack, people are getting on with their lives – and getting on with business,” said Rishi Sunak, Prime Minister of the United Kingdom.

“By building Ukraine, we are building much more than one country: we are building the world, and it will [last] during the lifetime of our generation and after ours. Will it be peaceful? Will it be stable? Will it be democratic? It depends on each and every one of us. I invite everyone to Ukraine!" the President said in his speech at the conference in London.

The conference is attended by the most influential leaders of the world, including the President of the European Commission Ursula von der Leyen and the US Secretary of State Antony Blinken.

Ajay Banga, President of the World Bank Group, noted that the UK's support is backed by a strong signal of intent from the world's leading companies, more than 400 companies from 38 countries with total annual revenue of more than $1.6 trillion, committing to support Ukraine's recovery and reconstruction.

According to the World Bank, as of March 2023, Ukraine's recovery and reconstruction needs were estimated at $411 billion. The Ukrainian Ministry of Finance said that in 2022, the British government provided Ukraine with more than $1.5 billion to finance the state budget.

Also during the event, Prime Minister Rishi Sunak announced a three-year, $3 billion financial assistance package.

The Ukraine Recovery Conference, which is taking place in London on June 21-22, is a follow-up to a series of annual events, the last of which was held in Lugano, Switzerland, last July. Back then, the partners laid the groundwork for further development of cooperation on Ukraine's recovery.