Ukraine launching recovery process without waiting for war to end - PM Shmyhal

Prime Minister Denys Shmyhal said this at the final meeting of the Ukraine Recovery Conference in London, an Ukrinform correspondent reports.

"We are not waiting for the end of the war. We have the full support of the pro-Ukrainian coalition to this end. We are also creating a recovery coalition, mobilizing resources. We are preparing and implementing new projects. We have a recovery architecture that will ensure transparency and accountability," Shmyhal said.

He once again thanked partner countries and institutions that pledged additional funds to support Ukraine's stability and recovery during the Conference. In particular, the partners announced new financial resources: EUR 50 billion from the EU as a new medium-term support facility; a three-year support program worth GBP 3 billion from the UK; and $1.76 billion under an agreement with the World Bank. At the same time, EUR 600 million will be allocated by the EBRD to energy companies Ukrhydroenergo, Ukrenergo, and Naftogaz; there will be a new portfolio of projects for reconstruction worth EUR 840 million from the European Investment Bank; $1.3 billion in announced aid from the U.S.; and an additional EUR 381 million in aid from Germany.

Another meeting of the Interdepartmental Donor Coordination Platform was held. Ukraine is strengthening coordination with partners in the issue of recovery. A business coalition for investments in Ukraine — Ukraine Business Compact — is being formed. Already 400 international companies have joined the initiative. Ukraine, together with the EU, Norway, Switzerland, and the EBRD, signed an agreement on joint work on war risk insurance.

Prime Minister Shmyhal once again noted important political statements. In particular, he said, the partners supported the idea of using frozen Russian assets for the needs of Ukraine’s recovery, adding that these partners "do not doubt our (future - ed.) membership in the European Union."

As reported, the Ukraine Recovery Conference was held in London. According to World Bank estimates, at least $14.1 billion is needed for ensuring the embattled nation’s rapid recovery in 2023. After the Russian terrorist attack on the Kakhovka HPP, these urgent needs increased. In general, over the next decade, at least $411 billion will be required to assist Ukraine in its recovery. Government officials along with national foreign experts are working on an accurate assessment of the damage inflicted by the aggressor state.