Ukrainian President Volodymyr Zelensky defended on Wednesday that rebuilding Ukraine after the Russian invasion “is a global task” and called on governments and the private sector to invest in the country.
“If we protect Ukraine, we protect freedom. If we build Ukraine, we build freedom,” Zelensky said in a video conference address at the opening of the second Ukraine Recovery Conference (URC2023), which runs through Thursday in London.
Zelensky said he hoped that at URC2023 “agreements will be turned into real projects” that would enable Ukraine to meet immediate challenges and ensure long-term reconstruction.
The Ukrainian leader said investment is based on trust and listed five areas where his government is working “for peace”.
He emphasized “the potential for unity” and noted that Kiev succeeded in bringing the European Union (EU) closer than ever.
Other objectives are stability, growth, security and democracy, he said, according to the Spanish agency EFE.
The UK and Ukraine are hosting the London conference, which aims to secure funding and investment commitments to rebuild the country invaded by Russia on February 24, 2022.
According to a World Bank report, the estimated cost of rebuilding Ukraine over 10 years in March was $411 billion (about $376 billion at current exchange rates).
The same institute calculates that Ukraine’s investment needs in 2023 will amount to about 14 billion dollars (12.81 billion euros).
At the opening of the conference, British Prime Minister Rishi Sunak announced that the United Kingdom will guarantee loans from the World Bank amounting to USD 3,000 million (€ 2.75 billion) for the reconstruction of Ukraine.
Sunak confirmed that about 400 companies from 38 countries with a combined turnover of US$ 1.6 billion (EUR 1.46 billion) have committed to participate in post-war reconstruction by signing a Business Pact for Ukraine.
According to the organization, the pact promotes trade, investment, knowledge sharing and corporate responsibility in Ukraine, thus ensuring reconstruction as a resilient, flexible and prosperous economy.
URC2023 will also discuss a war risk insurance framework to boost investor confidence and help unlock private investment for Ukraine’s reconstruction.
The conference has more than a thousand participants from at least 60 countries, about 40 of them at ministerial level, as well as leaders of international organizations, civil society representatives and business leaders.
Source: DN
