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Thursday, July 25, 2024

UK and US Commit Funds for Ukraine’s Reconstruction

On Tuesday, both Britain and the United States expressed their commitment to providing assistance in rebuilding Ukraine, which has suffered extensive damage as a result of Russia’s invasion that has been ongoing for 16 months.

Speaking in London, British Foreign Secretary James Cleverly acknowledged the immense reconstruction requirements of Ukraine. He stated, “Ukraine’s reconstruction needs are – and will be – immense.” Cleverly also emphasized that the United Kingdom is reinforcing its sanctions approach and asserting its willingness to use sanctions to hold Russia accountable for the damages caused by its reckless attack on Ukraine.

“This week is very much about creating the conditions necessary for public sector money, of course, but predominantly private sector money to fund their reconstruction,” Cleverly said.

“I’m not going to prejudge exactly what vehicles will be used to unlock both the public and the private money that Ukraine will need,” he said. “Ultimately, we want to ensure that the investment that goes into Ukraine is safe from further conflict and deployed as effectively as possible through robust and reformed Ukrainian institutions.”

U.S. Secretary of State Antony Blinken said the United States would continue to support Ukraine.

“We will continue to deliver on that commitment, including through a new robust U.S. assistance package that I’ll be able to announce [Wednesday],” Blinken said.

Prior to the Ukraine Recovery Conference, Secretary of State Antony Blinken held meetings with his British counterpart, Foreign Secretary James Cleverly, and Ukrainian Foreign Minister Dmytro Kuleba. The conference, scheduled for Wednesday and Thursday, aims to mobilize international support in assisting Ukraine’s recovery efforts following the Russian invasion.

In observance of World Refugee Day, Blinken and Cleverly visited a center in London designed to provide guidance and support to Ukrainians who have sought refuge in the United Kingdom, helping them adapt to their new lives.

Following their bilateral discussions, Blinken went on to meet with Ukrainian Foreign Minister Dmytro Kuleba to further address matters of mutual concern and cooperation.

Blinken said the 50-country, aid-for-Ukraine conference was a show of the “powerful and enduring support for Ukraine, not only militarily but also economically, and also in everything we’re trying to do to build the strongest possible democracy. So, we’re very pleased to be part of this and very pleased that Ukraine and our friends here are hosting this conference.”

On Monday, British Prime Minister Rishi Sunak had a telephone conversation with Ukrainian President Volodymyr Zelenskyy in anticipation of the upcoming conference. The discussion likely involved discussions related to the Ukraine Recovery Conference and the need for international support in the country’s recovery efforts.

“It was a unique opportunity to underline the strong public and private sector support for Ukraine, and demonstrate the country’s transformation and ongoing reform, the leaders agreed,” Sunak’s office said in a statement.

Since Russia’s invasion in February 2022, Britain has emerged as the second-largest contributor of military aid to Ukraine, with the United States being the only country surpassing it in terms of assistance.

President Volodymyr Zelenskyy expressed his belief that the Ukraine Recovery Conference will serve as a unifying platform for various recovery initiatives. He emphasized that the recovery efforts should serve as a testament to the indomitable nature of freedom, aiming to showcase to the world that it cannot be overcome.

During his televised address on Monday, Zelenskyy also commended Britain for enacting new legislation that permits the redirection of frozen Russian funds under sanctions toward supporting Ukraine’s reconstruction efforts. This move demonstrates the UK’s commitment to assisting Ukraine in its rebuilding process.

Lillian Hocker
Lillian Hocker
Lillian Hocker is a seasoned technology journalist and analyst, specializing in the intersection of innovation, entrepreneurship, and digital culture. With over a decade of experience, Lillian has contributed insightful articles to leading tech publications. Her work dives deep into emerging technologies, startup ecosystems, and the impact of digital transformation on industries worldwide. Prior to her career in journalism, she worked as a software engineer at a Silicon Valley startup, giving her firsthand experience of the tech industry's rapid evolution.

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