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  • Writer's pictureOlga Nesterova

US Joins Global Effort at Ukraine Recovery Conference

President Zelenskyy and Germany’s chancellor Olaf Scholz, Credit: AFP
President Zelenskyy and Germany’s chancellor Olaf Scholz, Credit: AFP

Last week, the United States Government participated in the Ukraine Recovery Conference in Berlin, Germany, aimed at galvanizing international support for Ukraine's reconstruction and economic reform. The conference brought together over 1,500 representatives from governments, businesses, and civil society organizations.

Conference Highlights as provided by the U.S. Department Of State:

  1. Energy Assistance Commitments: The US pledged substantial support, including $824 million in energy assistance. This includes $500 million in new funding and redirecting $324 million to address urgent energy infrastructure needs, totaling approximately $1.5 billion since 2022.

  2. War-Risk Reinsurance Facility: A new $50 million facility was established to provide war-risk insurance in Ukraine, essential amidst ongoing conflict with Russia. Brokered by Aon, this initiative aims to support Ukrainian businesses operating under challenging conditions.

  3. Business Advisory Council (BAC): The launch of BAC under the Multi-Agency Donor Coordination Platform will facilitate private sector engagement and investment in Ukraine's economic recovery efforts.

  4. Support for SMEs: A $28 million loan portfolio guarantee was announced to bolster lending to small and medium-sized enterprises in Ukraine, with a focus on sectors like agriculture.

  5. Political Risk Insurance: Over $350 million in contracts were approved to mitigate political risks in key sectors crucial for Ukraine's economic recovery, such as agriculture and pharmaceuticals.

  6. Partnerships and Collaborations: Significant collaborations were announced, including agreements with the European Bank for Reconstruction and Development (EBRD) and initiatives with Citi and the Ukrainian Ministry of Economy to support mortgage financing and trade financing programs.

  7. Global Support: The US joined the G7+ Joint Statement reaffirming support for Ukraine's energy sector and endorsed various initiatives under the Multi-Agency Donor Coordination Platform to accelerate recovery projects.

  8. Development Initiatives: USAID joined several alliances and initiatives focused on skills development, gender equity, SME resilience, and sustainable municipal development, underscoring its commitment to comprehensive recovery efforts in Ukraine.

  9. Nuclear Power Collaboration: The US Trade & Development Agency (USTDA) initiated technical workshops and provided assistance for small modular reactor licensing-gap analysis to strengthen Ukraine's nuclear power sector.

  10. Export Credit Cooperation: The Export-Import Bank of the United States (EXIM) joined an international Memorandum of Cooperation (MOC) to support exporters and investors engaging with Ukrainian companies across various sectors.

The Ukraine Recovery Conference showcased a robust international commitment to Ukraine's recovery and reform agenda amidst ongoing challenges. With substantial financial pledges, strategic partnerships, and targeted assistance programs, the conference marks a significant step forward in supporting Ukraine's path to stability and prosperity.

Source: U.S. Department Of State, June 16, 2024


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