Conference on rebuilding Ukraine

RUSSIA / FSU POLITICS - In Brief 24 Jun 2023 by Alex Teddy
On June 21 the Ukraine Recovery Conference took place in London. The private sector is being looked to in order to rebuild the country after the war. The construction bill was estimated at USD 411 billion in March 2023. Rishi Sunak hosted the conference. Zelensky hosted by videolink. The UK will provide USD 2 billion in loan guarantees. The United Kingdom said it is convinced that Ukraine will become transparent and worthy of investment. Zelensky said Ukraine needs USD 14 billion to fund itself through the rest of 2023. This is to pay salaries and repair the electricity network. Ukraine has agriculture, manufacturing and energy sectors. It is digitizing its economy. Ukraine exports wheat, corn and sunflower. Exports will probably be 45 million tonnes in 2023—down from 53 million tonnes in 2022. In 2022 Ukraine's economy contracted 29% 4% of Ukrainian companies have suffered damage to their buildings. Yet 63% of companies want to invest in new projects. Most companies do not want to lodge claims for war damage until they know what the compensation scheme will be. Coca Cola, Mondelez and Unilever are in Ukraine. Some want to see comprehensive war risk insurance. The World Bank participated in the conference.  JP Morgan and Blackrock have been advising Ukraine on obtaining private sector investment for reconstruction.

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