kyiv receives an additional 60 billion euros to finance its reconstruction

After two days of discussion, it’s time to take stock. Ukraine has received a total of 60 billion euros in new financial support to rebuild its economy at the end of the international conference on its reconstruction organized in London, rejoiced, Thursday, June 22, the Minister of Foreign Affairs British James Cleverly.

“We did not think of this conference as a pledging conference”, commented the Minister, during the closing session of the conference. The bulk of the €60 billion in commitments comes from a €50 billion aid package that the European Union has planned to release until 2027, and announced on the eve of the conference. The United States also announced support of 1.3 billion dollars (about 1.2 billion euros) in aid, targeted in particular on the energy and infrastructure sectors.

The United States releases 1.3 billion

“We are starting to rebuild Ukraine this year, we are not waiting for the end of the war”, said Ukrainian Prime Minister Denys Shmygal, thanking kyiv’s allies for their financial support. He was delighted that the promised funds allow kyiv to approach the 14.1 billion dollars urgently needed, according to an assessment by the World Bank. The 60 billion euros promised also include the long term.

The recovery of the Ukrainian economy in the medium term has been estimated at more than 400 billion dollars at this stage of the conflict. The head of the Ukrainian government also welcomed the commitment of “almost all participants” to support the idea that Russia should “to pay for her crimes and the destruction she has caused in Ukraine”.