London conference urges private investors to help Ukraine rebuild

Britain opens a recovery conference for Ukraine on Wednesday with a promise to unlock $3 billion worth of World Bank loans to help rebuild the war-ravaged country, even as Russia’s invasion continues.

Children at the scene of a Russian rocket attack that damaged a multi-storey apartment building in Kryvyi Rih, Ukraine, on June 13, 2023. AP - Andriy Dubchak

"Ukraine's bravery on the battlefield must be matched by the vision of the private sector to help the country rebuild and recover," Prime Minister Rishi Sunak is expected to say, in comments released by Downing Street in advance of the conference.

Sunak will welcome dignitaries and diplomats including US Secretary of State Anthony Blinken, European Commission President Ursula Von der Leyen, whowill address the conference. Ukrainian leader Volodymyr Zelensky will attend virtually.

Russia's war brought Ukraine's GDP down by 29 percent last year.

Funding push

More than 1,000 foreign officials from over 60 states along with business chiefs and global investors will join the two-day event to discuss ways to help Ukraine rebuild itself.

Private companies will be encouraged to invest in the country's reconstruction, while Blinken has said he would set out a new assistance package for Ukraine. London is pledging £240 million in bilateral assistance.

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"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," British Foreign Minister James Cleverly said.

In a Twitter post Wednesday morning ahead of the conference, von der Leyen said she had a constructive following a phonecall with Sunak.

"We spoke about financial support for Ukraine after 2023, opportunities and challenges for AI - a discussion to have with like-minded partners and companies and fighting migrant smuggling," von der Leyen said.