UK prepares landmark financial support package for Ukraine

The UK is planning to provide Ukraine with a financial support package that the UK government has described as "major".

Source: press service of the UK government, reported by European Pravda 

Details: The package will include US$3 billion in loan guarantees to the World Bank and £240 million [over US$300 million] in bilateral aid.

Quote: "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."

More details: The package will be aimed at supporting vital public services, including the cost of running schools and hospitals.

The financial support package will be announced during the Ukraine Recovery Conference, which begins on Wednesday in London.

UK Prime Minister Rishi Sunak will also announce up to £250 million [about $318 million] in new capital for the UK's Development Finance Institution - British International Investment (BII).

The funds will be used for life-saving projects, including mine clearance and disaster relief kits, as well as reform programs and energy projects.

More than half of the funds will be used for humanitarian support, in particular for people living along the frontline. The funding will be channelled through the UN and the Red Cross.

Background: A conference on Ukraine's recovery will be held in London on 21-22 June. Prime Minister Denys Shmyhal said that during the conference, the government will focus on three main aspects: rapid recovery, attracting private investment and regional development.

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