Ukraine Recovery Conference: EU commits €50bn at London fund-raising meeting

Global political leaders mingled with some of the world’s top financiers behind a security ring of steel in London on Wednesday at a conference out of which Ukraine hopes to raise tens of billions of dollars to fund the rebuilding of the country.

The Ukraine Recovery Conference at the Intercontinental hotel at the O2 arena near Canary Wharf opened with speeches from the UK prime minister Rishi Sunak, who vowed “Russia will pay” for the war and also Volodymyr Zelenskiy, Ukraine’s president. He gave a video address in which he promised potential investors that “what is built will not fall”.

European Commission president Ursula von der Leyen announced that the European Union will cover about €50 billion for Ukraine up to 2027, to fund its public services and the rebuilding of its economy.

She said a further €60 billion is needed. Ms von der Leyen also promised that Ukraine will become a member of the European Union in time.

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“Ukrainian people see a future when European flags fly over their cities. I have no doubt that Ukraine will be a part of the EU. For every step that Ukraine takes towards us, we will take a step towards them,” she said.

US secretary of State Antony Blinken also addressed the conference, committing a further $1.3 billion in additional economic aid for Ukraine, including $520 million to fix its battered energy grid. He said the latest tranche brings to over $20 billion the amount of development assistance for Ukraine from the US.

Other political leaders on stage included James Cleverly, the UK’s foreign secretary, Estonian president Alar Karisand Japan’s minister for foreign affairs Yoshimasa Hayashi.

Ireland is being represented at the two-day conference by Tánaiste and Minister for Foreign Affairs Micheál Martin, who said Ireland would contribute towards the €50 billion in funding promised by Ms von der Leyen. Some of the funding will come in the form of grants, as well loan guarantees and also cash raised by confiscating Russian assets in Europe.

Earlier, Mr Zelenskiy gave a 15 minute speech remotely from Ukraine, in which he sought to reassure potential private sector investors that the country was implementing reforms to improve it as a location to invest. He said the country would become a leader in green energy and a supplier of clean electricity to the EU.

“By building Ukraine, we build much more than one country,” said Mr Zelenskiy. “We are building the world as future generations want it to be. When we build Ukraine we build freedom.”

He said there is “no alternative to the green transformation” of Ukraine’s economy. He mentioned further development of its grain exporting industry, fertiliser production and also other industrial sectors, such as metallurgy and the production of lithium for batteries. Mr Zelenskiy also promised that all of Ukraine’s public services “can and will” be digitised.

Entrepreneur Richard Branson addressed the crowd, which also included top executives from big institutions such as Citibank and BlackRock.

Australian metals tycoon, Andrew Forrest, was among the business leaders present to commit cash to fund the reconstruction of Ukraine. He said he would invest $500 million in the Ukraine Development Fund, which is being which is being designed by Ukraine’s government with advice from BlackRock.