Prime Minister Rishi Sunak promised that the UK would lend Ukraine $2.35 billion to aid in reconstruction.
He reaffirmed the UK’s dedication to the war-torn nation’s rebuilding and praised their “defiance” at a conference in London today.
Additionally, Mr. Sunak unveiled a financial plan that includes three billion US dollars in loan guarantees from the World Bank over a three-year period.
According to Downing Street, the guarantees represent the first bilateral offer of long-term budgetary support to be outlined by a G7 nation.
The funding is expected to support public services, including the cost of running schools and hospitals.
To mark the two-day summit, hundreds of companies, including British venture Virgin and US bank Citi, have signed up to back Ukraine’s recovery and reconstruction.
Mr Sunak said: ‘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.
‘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.
‘President Zelensky’s government is determined to drive reforms to become more open, more transparent and ready for investment.
‘This is a vibrant, dynamic, creative, European country that refuses to be subdued.
‘So, together with our allies we will maintain our support for Ukraine’s defence and for the counter-offensive, and we’ll stand with Ukraine for as long as it takes as they continue to win this war.
‘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 three billion dollars.’
Mr Sunak also confirmed a commitment of up to £250 million of new capital for British International Investment, the UK’s development finance institution.
No 10 said the money will support private sector investment in major infrastructure projects, energy markets, financial services and agriculture across Ukraine.
Britain’s funding efforts are in addition to a £240 million boost in UK aid for Ukraine this year.
Addressing the conference, Mr Sunak added: ‘We’ll stand with Ukraine as they win the peace and harness all their ingenuity and defiance to build the future they deserve.
‘The question for us today is what can we do to support this – to fast-track recovery and help Ukraine unleash its potential?
‘We must bring to bear a partnership of governments, international financial institutions and business leaders, all of us here today, to make this happen.
‘The British Government will continue to play its full part.’