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Foreign donors
have committed to providing €60 billion ($66 billion) in aid to Ukraine over a
multi-year period to support the country's reconstruction efforts following
Russia's invasion in February 2022.
The pledges
were made at the two-day Ukraine Recovery Conference held in London, primarily
consisting of a €50 billion ($55 billion). The amount includes commitment from
the European Union, along with new pledges from the United Kingdom and the
United States.
Vast Reconstruction Needs and Financial Support:
The Ukraine
Recovery Conference, initially not intended as a pledging event, resulted in a
combined commitment of €60 billion in support for Ukraine.
The country
faces extensive rebuilding challenges, with homes, hospitals, and critical
infrastructure left in ruins after 16 months of conflict.
The World Bank
estimates the reconstruction cost to exceed $400 billion, emphasizing the
urgent need for financial assistance.
Calls for Private-Sector Investment:
At the
conference, diplomats and political leaders stressed the massive scale of the
rebuilding task and urged private-sector companies to contribute through
investments.
Nearly 500
companies from 42 countries pledged their support, recognizing the importance
of their involvement in Ukraine's recovery efforts.
Energy Sector Restoration and Immediate Rebuilding:
Ukraine's
energy sector will be a primary focus of the initial rebuilding efforts, as it
has suffered extensive damage during the Russian raids.
The restoration
of the energy grid is crucial to ensure families have access to electricity and
heating, especially during harsh winter months.
The United
States has pledged over $1.3 billion in aid, with more than $500 million
designated for energy grid restoration and improvement.
Reforms and Conditions for Future Progress:
In addition to
financial aid, discussions at the conference touched upon Ukraine's potential
future membership in the European Union.
Officials
emphasized the importance of Ukraine making further progress in areas such as
reducing corruption and reforming the judiciary.
These reforms
would send a positive message to investors, ensuring transparency, fairness,
and functioning institutions necessary for investment in Ukraine.
Anti-Corruption Efforts and Infrastructure Upgrades:
Promoting
anti-corruption measures in Ukraine remains a priority, as the country has long
struggled with corruption issues.
US Secretary of
State Antony Blinken highlighted the significance of anti-corruption efforts
and announced that some of the US funding would be allocated to upgrading
ports, improving border infrastructure, and digitizing customs procedures to
enhance rule enforcement.
German Foreign
Minister Annalena Baerbock stated that the goal is to rebuild Ukraine to meet
the standards necessary for EU membership.
(Courtesy: Al-Jazeera)
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