British PM announces major financial support package for Ukraine
UK Prime Minister Rishi Sunak stated this in his opening address at the Ukraine Recovery Conference in London on Wednesday, an Ukrinform correspondent reports.
“I’m proud that today we’re announcing a multiyear commitment to support Ukraine’s economy, and over the next three years, we will provide loan guarantees worth $3 billion,” he said.
In addition, Sunak announced the launch of a new UK-Ukrainian tech bridge to foster investment and talent, along with support for green energy and more all part of a vast collective effort from allies and partners around the world.
According to him, in order to attract investments to Ukraine, the Ukraine Business Compact is being launched so that the private sector can “pledge its support for Ukraine’s recovery and reconstruction". Over 400 businesses from 38 countries with a combined market cap of $4.9 trillion have already jointed this initiative.
In addition, the head of the British government announced the launch of the London Conference Framework for War Risk Insurance, which is a “huge step forward towards helping insurers to underwrite the investments into Ukraine, removing one of the biggest barriers and giving investors the confidence they need to act.”
“It’s clear Russia must pay for the destruction that they’ve inflicted. So we’re working with allies to explore lawful routes to use Russian assets. And on Monday, we publish new legislation to allow us to keep sanctions in place until Russia pays up,” Sunak said.
He noted that the examples of Maryinka and Mariupol make it clear that "what Russia cannot capture, it will try to destroy. 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,” Sunak said.
Also, the British Prime Minister stressed that despite the threat of attacks, Ukrainians continue to live and do business, and President Zelensky's government is determined to promote reforms to become more open, more transparent and ready for investment.
Before this terrible war “Ukraine’s economy was becoming a huge investment opportunity.” “It was the breadbasket of Europe, exporting millions of tonnes of food and grain each month. Top five exporter of iron ore and steel, a leader in energy, pushing forward renewables hydrogen and electric vehicles, and the startup nation, which helped spark names like PayPal, WhatsApp and revolute with a thriving tech sector,” Sunak said.
According to Sunak, the truth is that opportunity is still there today. “In fact, the war has only proved how much Ukraine has to offer,” he said.
According to the website of the British government, Great Britain has allocated £240 million of bilateral assistance to Ukraine.
As reported by Ukrinform, the international Ukraine Recovery Conference is held in London on June 21-22.
