United for Ukraine - Ukraine Recovery Conference 2023

The large-scale Ukraine Recovery Conference 2023 has ended in London, bringing together more than a thousand participants: politicians, officials, businessmen, public and private sector decision-makers from 59 countries, 33 international organizations, over 400 businesses and 130 civil society organizations.

For two days, governments, financial institutions, international organizations, business and civil society have been looking for effective ways and tools to support Ukraine's economy and security while it is being torn apart by the Russian military machine. Have they found a solution? 

To find the answer, we offer to analyze a few summary theses on the achievements, results, and commitments made by Ukraine's partners in the international community and global business.

Russia is violating international law and this must be changed

“Russia’s unjustified and unprovoked invasion has caused untold misery. Thousands of Ukrainians have been killed. Millions have been displaced, including children. Schools, hospitals and critical infrastructure have suffered damage in Russia’s indiscriminate air strikes. The world’s poorest have been hit hardest by higher food and energy costs. The invasion is a gross violation of the UN Charter, international law, and our shared values,” reads the text of the final statement published on the UK Government's website.

Another way of recording this fact is an important message for everyone who joins in supporting Ukraine. The line between good and evil is clear and does not allow for ambiguity. Everyone who joins in to help Ukraine will be on the right side of history.

Participants also emphasized their support for the principles of the Ukrainian Peace Formula outlined by President Volodymyr Zelenskyi and agreed that Ukraine must succeed as an independent and democratic state within its internationally recognized borders. This is not only in Ukraine's interest, but also of strategic importance for the entire "Euro-Atlantic region, and global peace and prosperity."

Promoting private investment 

The Ukrainian government along with its partners offered international business a number of specific points of mutual interest. The mayors of Ukrainian cities such as Trostianets, Lviv, Kharkiv, Mykolaiv, and others were not only inspiring, but also provided information on specific commercial opportunities in their respective cities.

International investors in Ukraine will now be supported by a framework program for war risk insurance launched during the conference. The partners announced their support for the World Bank Multilateral Investment Guarantee Agency’s (MIGA) Support for Ukraine Reconstruction and Economy Trust Fund, with the UK announcing a contribution of up to £20 million, on top of Japan’s existing $23 million contribution. MIGA announced the signing of an extended MOU with ProCredit, bringing the total guarantee to €40.85 million.

The European Bank for Reconstruction and Development (EBRD) has committed to developing a pilot war risk insurance scheme.

Supporting the Ukrainian economy  

The International Monetary Fund’s $15.6 billion 4-year programme to keep Ukraine's economy stable and strengthen government institutions will be extended.

The European Bank for Reconstruction and Development (EBRD) has reiterated its intention to raise an additional €3-5 billion of new capital from shareholders to strengthen its ability to support lending in Ukraine during wartime and reconstruction.

In partnership with the EBRD, the G7 countries and European development finance institutions have launched a new Ukraine Investment Platform to facilitate joint investments to maximize the impact of their support.

The International Finance Corporation, the US International Development Finance Corporation (USDFC), and British Investment International, signed a landmark deal to support the IFC’s Global Trade Finance Program. The USDFC also announced an additional $20 million loan guarantee to Bank Lviv to support small and medium-sized businesses.

Reparations and confiscation of property

Ukraine's partners agreed that Russia should pay for the damage caused and for the long-term recovery of Ukraine.

The Council of Europe and the European Council's Ad Hoc Working Group on the use of frozen and immobilised assets to support Ukraine’s reconstruction announced the creation of a ‘Registry of Damages Caused by the Aggression of the Russian Federation Against Ukraine’.

G7 and European partners stated that they continue to explore and develop all lawful routes to ensure that sanctioned Russian assets are made available in support of Ukraine’s reconstruction, in line with international law.

Building back better

The declared future is optimistic. Ukraine should be "modern, open, green and sustainable." Governments and businesses see the opportunity to "unlock the potential of the country and its people," defeat Russian aggression, and contribute to global security, prosperity, and the rule of law.

G7+ governments committed to develop a new Clean Energy Partnership with Ukraine to accelerate the transition to a green energy system that is secure, sustainable and integrated with Europe.

The US announced $520 million to help modernize Ukraine’s energy grid.

Ukraine's partners announced new investments in the International Finance Cooperation’s Economic Resilience Action Programme. The Conference launched the InnovateUkraine Green Energy Challenge Fund, to accelerate low-carbon, affordable energy. The Conference launched the Ukraine Energy Initiative to accelerate the recovery of Ukraine’s energy sector.

Promoting reforms 

President von der Leyen noted that "Ukraine has accelerated its reform agenda with impressive speed and resolve". The Conference welcomed the Commission’s oral update on Ukraine’s implementation of the 7 recommendations necessary for the country to become an EU candidate.

In particular, the Government of Ukraine has implemented legislation in the fields of justice, media, protection of national communities, and countering vested interests and money laundering. The Government of Ukraine reaffirmed its commitment to reforms and its desire to start EU accession negotiations this year.

Ukraine showcased its leadership in e-governance, promoting digital transformation and delivering effective public services for the future.

The Conference recognised the centrality of Ukraine’s human capital to the country’s recovery process and pledged to support Ukraine in rebuilding and developing its workforce, education system, and social services.

The Ukraine Recovery Conference 2023 demonstrated the existence of a coalition of leaders interested in rebuilding Ukraine. And despite the fact that each of them has their own reasons for worrying about the security of the Ukrainian territory or economy, the realization that without a "modern, open and sustainable economic future" for Ukraine, it will be difficult to imagine the same future for the European continent has finally become a consensus.