UK announces historic financial support package for Ukraine worth USD 3 billion

UK Prime Minister Rishi Sunak said this during the Ukraine Recovery Conference in London.

“I am proud that today we are announcing a multi-year support for Ukraine's economy. Over the next three years, we will provide loan guarantees worth USD 3 billion,” Sunak said.

According to the UK Prime Minister, the new aid package will include USD 3 billion in additional guarantees to unlock World Bank lending and GBP 240 million in bilateral aid.

“We are also launching a new UK-Ukraine Technology Bridge to promote investment and talent, support green energy and much more - all part of a huge collective effort by allies and partners from around the world, including significant new support from the EU, which will also be announced this week,” Sunak said at the start of the online conference.

The Prime Minister also emphasized the launch of the Ukrainian Business Compact so that the private sector could support Ukraine's recovery and reconstruction.

What the UK government says

The UK government's press service previously announced plans to introduce an aid package for Ukraine.

“The UK will today set out a major package of financial support for Ukraine, including $3 billion of World Bank loan guarantees to bolster Ukraine’s economic stability as it continues to push back Russian forces,” the statement says. 

The government noted that this is the first bilateral multi-year financial assistance package provided by a G7 country. According to them, it demonstrates the UK's unwavering commitment to supporting Ukraine both now and in the future.

The UK government also added that support for the country is backed by a strong signal of intent from the world's leading companies: more than 400 companies from 38 countries with a combined annual revenue of more than USD 1.6 trillion have pledged to support Ukraine's recovery and reconstruction after Russia's illegal invasion.

In addition, Prime Minister Rishi Sunak will also announce the allocation of GBP 250 million (about USD 320 million) for the UK's Development Finance Institute.

According to Prime Minister Sunak, the funding is in addition to the GBP 240 million the UK has committed to Ukraine this year, which will be used for life-saving projects, including demining and disaster relief kits, as well as reform programs and energy projects.

• The UK government has also provided GBP 16 million in aid to Ukraine to support local residents affected by the explosion of the Kakhovka hydroelectric power plant.

• Pumps capable of pumping 1,750 liters of water per second were sent from the UK to the regions of Ukraine flooded by the Kakhovka HPP dam.

• On June 13, at a meeting of the Joint Expeditionary Force (JEF) defense ministers, European partners announced a new military aid package for Ukraine worth over EUR 107 million.