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Billions pledged for Ukraine’s recovery
6 MINUTE READ
June 29, 2023

Billions pledged for Ukraine’s recovery

Ukraine is steadily rebuilding its infrastructure that Russia’s forces have bombed. Above, a power plant worker repairs damages after an attack by Russia in central Ukraine in January. ( © Evgeniy Maloletka/AP)

As Ukraine steadily pushes back Russia’s military forces, the country has accelerated its rebuilding from Russia’s senseless attacks.

To aid in that effort, world leaders recently pledged billions of dollars and euros toward Ukraine’s recovery. They also reaffirmed their commitment to stand with Ukraine for as long as it takes.

“As Russia continues to destroy, we are here to help Ukraine rebuild — rebuild lives, rebuild its country, rebuild its future,” U.S. Secretary of State Antony Blinken said at the June 21 Ukraine Recovery Conference in London.

Repairing key sectors

Russia’s full-scale invasion of Ukraine has killed thousands and displaced millions. It also has damaged and destroyed Ukrainian power stations, infrastructure and agriculture.

The latest round of pledges includes:

  • U.S. government: Working with the U.S. Congress, the Biden administration intends to devote an additional $1.3 billion to help Ukraine overhaul its energy grid and modernize critical infrastructure. The new funding brings the total U.S. assistance to Ukraine to approximately $63 billion since February 24, 2022.
  • U.K. government: The United Kingdom announced a package that includes $3 billion of World Bank loan guarantees to support vital public services. This includes running schools and hospitals.
  • European Union: The EU has proposed providing €50 billion for Ukraine between 2024 and 2027, European Commission President Ursula von der Leyen said.

“Brick by brick, house by house, school by school, together we are with Ukraine for the long haul,” von der Leyen said.

Local residents near Kyiv work with a nongovernmental organization called Gurtum in May to repair a school that Russia’s military bombed. (© Dominika Zarzycka/NurPhoto/Getty Images)

 

Building on previous work

The pledges complement other ongoing efforts. This includes those of the G7+ Coordination Group, which has allocated billions of dollars to help repair and rebuild Ukraine’s energy sector.

Meanwhile, the U.S.-Ukraine Partnership Forum in April brought together U.S., Ukraine, private sector and other leaders to discuss ways to rebuild and revitalize Ukraine’s economy.

Even while Russia continues its attacks, the people of Ukraine look forward.

“Just look at the streets of Kyiv, despite the threat of attack, people are getting on with their lives — and getting on with business,” Prime Minister Rishi Sunak of the United Kingdom said. He called Ukraine “a vibrant, dynamic, creative, European country that refuses to be subdued.”

A woman buys from a vendor at a Kyiv market in January. Ukraine’s economy is showing “remarkable resilience” following attacks by Russia on its electricity infrastructure, officials from the International Monetary Fund said May 30. (© Daniel Cole/AP)