Highlights: Second International Conference for the Reconstruction of Ukraine opens in London. Brussels is proposing a €50 billion aid package for Ukraine. The World Bank estimates the cost of rebuilding and reviving Ukraine at more than $400 billion over the next ten years. Ukrainian President Volodymyr Zelensky is expected to address the conference via video. A statement by the Ukrainian prime minister, quite critical of British sanctions against Russia, is also planned. The conference is not a donor conference, but rather to make economic actors want to reinvest.

This Wednesday, June 21, the second International Conference for the Reconstruction of Ukraine opens in London. Last year, it was held in Lugano, Switzerland, with government representatives....

Ukraine Reconstruction Conference: Brussels proposes €50 billion in aid

This Wednesday, June 21, the second International Conference for the Reconstruction of Ukraine opens in London. Last year, it was held in Lugano, Switzerland, with government representatives. This session should serve to mobilize the private sector. Brussels is proposing a €50 billion aid package for Ukraine.

A building bombed by Russian missiles in Kiev on Thursday, June 1, 2023. AP - Alex Babenko

Text by: RFI Follow

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With our correspondent in London, Emeline Vin

More than a thousand participants are expected in London, in person or virtually. Representatives of sixty governments, business leaders, investors, who for two days will reflect on the economic future of Ukraine, to prepare for the post-war period.

London explains that this is not a donor conference, but rather to make economic actors want to reinvest in Ukraine. The British government, which since the beginning of the Russian invasion has positioned itself as one of the main supporters of Ukraine, will launch a "matchmaking" platform for companies, and must also announce a "green energy" fund of 110 million euros.

The World Bank estimates the cost of rebuilding and reviving Ukraine at more than $400 billion over the next ten years. An amount doomed to climb as long as the war continues, and which makes Kiev dependent on international solidarity.

Ukrainian President Volodymyr Zelensky is expected to address the conference via video. A statement by the Ukrainian prime minister, quite critical of British sanctions against Russia, is also planned.

The European Commission proposed on Tuesday (20 June) that member states approve a €50 billion aid package to support Ukraine until 2027, as part of an extension of the EU's multiannual budget.

In total, the European Union will have devoted €30 billion of its budget to support Ukraine since the start of the Russian invasion in February 2022, the president of the EU executive said.

The new €50 billion package will give Ukrainians a "perspective" and "should also encourage other donors to commit," von der Leyen said. And in this envelope, 33 billion euros of macro-financial aid should allow Ukraine to rebuild its public finances at the time of its counter-offensive against Russia.

In any case, this extension does not come without conditions on the implementation of reforms, particularly in the fight against corruption, with a view to moving Ukraine towards EU membership.

EUR 50 billion, which will also still have to be approved unanimously by the Member States, and approved by the European Parliament.

Ukraine has also benefited from World Bank assistance totalling more than €34 billion since the beginning of the conflict. The United States is by far the largest donor, with more than €71 billion and Latvia, the most generous, with 1.24% of its GDP pledged to Ukraine.

Ukraine Reconstruction Conference: Brussels proposes €50 billion in aid

Ukraine Reconstruction Conference: Brussels proposes €50 billion in aid

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