EU bolsters support for Ukraine’s recovery
Nearly 900 days after Russia’s invasion of Ukraine, a Ukraine Recovery Conference is being held in Berlin to help ensure that Ukraine can continue to defend itself. At the Recovery Conference, the President of the European Commission Ursula von der Leyen has announced several new initiatives that will help ensure that Ukraine remains the master of its own future and is brought closer to the European Union.
At the Conference, the EU has:
- signed agreements worth €1.4 billion with partner banks to attract investments in Ukraine from the private sector,
- announced dedicated support for equity investments in Ukraine with the aim of improving finance for Ukrainian businesses, especially for SMEs and start-ups that can help modernise the Ukrainian economy,
- announced delivery of an additional €1.9 billion from the EU’s Ukraine facility by the end of June, due to the progress made with the Ukraine Plan, a raft of anti-corruption reforms and investment strategy,
- announced the transfer of around €1.5 billion by July, of windfall profits generated from the immobilised Russian assets for investments in Ukraine’s defence and reconstruction.
In addition, close to €500 million have been raised for urgent repairs to Ukraine’s energy sector, through the Energy Support Fund. The EU Civil Protection Mechanism has helped to mobilise more than 15,000 solar panels to support Ukraine’s energy sector and it now plans to provide 1000 more power generators through the rescEU strategic reserves. Furthermore, the EU has also agreed to exempt Ukraine from paying its financial obligations related to its participation in 14 EU programmes.
Since the start of the Russian aggression, the EU’s financial, humanitarian, emergency, budget and military support to Ukraine amounts to almost €100 billion.
For more information
Recovery and reconstruction of Ukraine
Opening speech by President von der Leyen at the Ukraine Recovery Conference
Source: https://commission.europa.eu/news/eu-bolsters-support-ukraines-recovery-2024-06-11_en
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OCD | 11.6.2024
