On 21 June, the international Ukraine Recovery Conference began in London. More than 400 companies from 36 countries signed the Ukraine Business Compact, promising to support the recovery of the Ukrainian economy.

“The UK’s support is backed by a major signal of intent from world leading businesses, with more than 400 companies, from 38 countries, with a combined annual revenue of over $1.6 trillion, pledging to back Ukraine’s recovery and reconstruction in the wake of Russia’s illegal invasion. Major conglomerates, international corporations and retail chains are among those who have signed up to the Ukraine Business Compact, which is spearheaded by the UK,” reads the press release published on the website of the UK’s Government.

restoration of Ukraine, London

World-famous companies Virgin, Sanofi, Philips, Hyundai Engineering, and Citi, etc. are among the signatories of the agreement.

The agreement encourages trade, investment, peer-to-peer expertise sharing and responsible business practice in Ukraine, “ensuring it can rebuild as a resilient, agile and prosperous economy.”

In addition, at the conference, Great Britain announced that it would provide Ukraine with credit guarantees worth $3 billion over three years, and the United States announced that it would provide Ukraine with a new aid package worth $1.3 billion.

As a reminder, according to the World Bank estimates, as of March 2023, Ukraine needs at least $411 billion for post-war recovery and reconstruction.

Bohdan Marusyak

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