The UK has pledged more than £4.7 billion in non-military aid to support Ukraine’s reconstruction efforts. Focus is on bolstering its economy with fiscal assistance and investments. This commitment was revealed through correspondence from the Earl of Minto to Lord Lancaster of Kimbolton. Following discussions in the House of Commons Urgent Question session regarding Ukraine.
In March 2023, the World Bank estimated Ukraine’s reconstruction needs to amount to $411 billion. Ahead of the upcoming Ukraine Recovery Conference in June, the World Bank is anticipated to provide an updated assessment of the situation.
The UK’s support aims to help Ukraine rebuild, modernize its economy, and enhance its resilience against Russian threats. Since February 2022, the UK has committed over £4.7 billion in non-military aid. As part of a broader effort by G7+ partners, the UK is providing up to $1 billion annually in fiscal support through World Bank guarantees from 2023 to 2027.
The Ukraine Recovery Conference held in London in June, co-hosted by the UK and Ukraine. Conference raised more than $60 billion towards addressing Ukraine’s recovery and reconstruction needs. During the conference, the UK announced additional commitments. It includes $3 billion in guarantees to facilitate World Bank lending to Ukraine, and up to £250 million in new capital for the UK’s development finance institution. And British International Investment (BII) to support investments aimed at advancing Ukraine’s economic recovery over the coming years.