The UK has committed over £4.7 billion in non-military support to Ukraine’s reconstruction, including fiscal support and investments aimed at fostering a resilient, modernised economy.
The information came to light via a letter from the Earl of Minto to Lord Lancaster of Kimbolton regarding the cost of the reconstruction of Ukraine, as discussed during a recent House of Commons Urgent Question on Ukraine.
“Thank you for your contribution regarding the cost of the reconstruction of Ukraine
during the Urgent Question on Ukraine on 19 December. I committed to placing in the library an update on the costs of reconstruction.
In March 2023, the World Bank estimated Ukraine’s total recovery and reconstruction
needs to be $411bn. The World Bank is expected to provide an updated Rapid Damage and Needs Assessment in 2024, ahead of the next Ukraine Recovery Conference in June.
Supporting Ukraine to rebuild and unlock its enormous economic potential, and emerge from the war with a modernised, reformed and inclusive economy resilient to Russian threats, is a core part of UK and international efforts to help Ukraine to win the war. Since February 2022, the UK has committed over £4.7bn in non-military support.
The UK is providing up to $1bn a year in fiscal support through World Bank guarantees between 2023 and 2027 as part of a wider $115bn package from G7+ partners and through an IMF programme to support Ukraine’s economic stability and Euro-Atlantic integration.
The Ukraine Recovery Conference, which the UK co-hosted with Ukraine in London in June, raised over $60 billion towards meeting the recovery and reconstruction needs of Ukraine. At the Conference, the UK announced commitments of a further $3 billion of guarantees to unlock World Bank lending to Ukraine, and up to £250 million of new capital for the UK’s development finance institution and British International Investment (BII) to support investments over the next few years to advance Ukraine’s economic recovery.”