UK PM announces new financial aid package for Ukraine and mechanism for insuring military risks

UK Prime Minister Rishi Sunak announced a new economic aid package for Ukraine, as well as a new war risk insurance program to help Ukraine recover.

Source: Reuters

Details: At the Ukraine Recovery Conference in London, Sunak announced a new war risk insurance system aimed at helping businesses invest in Ukraine.

"This is a huge step forward in helping insurers underwrite investments in Ukraine, removing one of the biggest barriers and giving investors the confidence they need to act," Sunak said in his speech at the Ukraine Recovery Conference.

He also officially announced the economic assistance package for Ukraine, which was announced the day before.

"I am proud that today we are announcing a multi-year commitment to support Ukraine's economy. We will provide loan guarantees worth US$3 billion over three years," Sunak said.

The UK prime minister also announced the launch of a new UK-Ukraine technology bridge to promote investment and talent, and support green energy.

"All of this is part of a rapid collective effort by allies and partners from around the world, including significant new support from the EU, also announced this week," he added.

"The IMF will provide US$15 billion to Ukraine over the next four years as part of a $115 billion commitment by the G7 and its partners. And institutions like the EBRD are providing seed capital to support private sector-led growth," he added.

The UK prime minister also spoke about the launch of the Ukraine Business Compact initiative, which is intended to help Ukraine's recovery. According to Sunak, more than 400 companies from 38 countries have already joined the project.

"First of all, we have to build a platform for business. Only they can truly attract the innovation and investment that Ukraine needs. That is why we are launching the Ukraine Business Compact, so that the private sector can pledge its support for the recovery and reconstruction of Ukraine.

And I am pleased to announce today that more than 400 companies from 38 countries with a total market capitalisation of US$4.9 trillion have already signed this document," Sunak concluded.

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