Russia will have to pay for the reconstruction of Ukraine, American, European and British leaders gathered in London on Wednesday for an international conference that garnered pledges of billions of dollars to boost Ukraine’s war-ravaged economy.
“Let’s be clear: Russia is the cause of the destruction of Ukraine. And Russia will end up assuming the cost of reconstruction,” launched US Secretary of State Antony Blinken, announcing a additional aid from his country, for 1,300 million dollars, destined mainly for essential infrastructures.
“As long as Russia continues to destroy, we will be there to help Ukraine rebuild: rebuild lives, rebuild their country, rebuild their future,” stressed the head of US diplomacy.
The President of the European Commission, Ursula von der Leyen, also stated that “the aggressor must be held responsible”.
“It is clear that Russia must pay for the destruction it has inflicted. That is why we are working with our allies to explore legal ways to use frozen Russian assets, totaling tens of billions of dollars,” the prime minister said. British, Rishi Sunak.
Leaders and representatives of more than 60 countries began a two-day meeting in the British capital that seeks to mobilize funds to sustain the economy of a country subjected to a devastating war for 16 months against the forces of Russian President Vladimir Putin.
“Every day of Russian aggression brings new ruins, thousands and thousands of houses destroyed, industries devastated, lives burned,” Ukrainian President Volodymyr Zelensky said, opening the conference by videoconference.
Ukraine is eager for international investment in specific sectors, ranging from technology to organic farminghe explained, considering that the recovery of his country would send a strong message to the world.
“Will it be peaceful? Will it be stable? Will it be democratic? It depends on each and every one of us,” he launched, at a time when his army is trying with a major counteroffensive to recover territories seized by the Russians since the beginning of the invasion in February of 2022.
– ‘Marshall plan’ –
The World Bank estimated 14,000 million dollarss the immediate needs of Ukraine to repair the damage caused by the war.
But the broader recovery of the economy was evaluated in 441,000 million dollars by a recent study by the World Bank, the UN, the European Union and the Ukrainian government. This figure will increase as the conflict continues.
The head of the German government, Olaf Scholz, compared in December the help Ukraine needs to the “Marshall plan” deployed by the United States to rebuild Europe after World War II.
Its Foreign Minister Annalena Baerbock pledged on Wednesday “an additional 381 million euros for humanitarian aid in 2023 for everything from generators to food to tents,” bringing the German contribution, including military aid, to 16.8 billion euros (18.35 billion dollars).
Before the start of the conference, the UK announced a new support plan worth $3 billion over the next three years, in the form of World Bank loan guarantees to finance Ukrainian public services.
This will bring British non-military aid to 4.7 billion pounds ($6 billion), including 240 million pounds of bilateral aid for humanitarian projects and mine clearance, Downing Street said.
“The reconstruction of the Ukrainian economy is as important as its military strategy,” Sunak said, calling on investors from around the world to contribute to this effort.
– Involve the private sector –
This is the second conference for the reconstruction of Ukraine, after last year in Lugano (Switzerland).
Hundreds of leaders of large companies and NGOs participate in the event, which seeks to involve the private sector.
The meeting will be the occasion to officially launch the “Ukrainian Business compact”an initiative that invites companies from all over the world to commit to supporting the reconstruction of the country, together with the main financial institutions.
The World Bank recently pledged $200 million to restore Ukraine’s power grid, bringing its funding since the start of the conflict to $23 billion, in the form of loans or grants.
The European Bank for Reconstruction and Development (EBRD) has also pledged to allocate 3 billion euros ($3.27 billion) in 2022 and 2023 to Ukraine, of which 1.7 billion last year went mainly to energy and transport.