Ukraine Recovery Conference 2023 Kicks Off in London

URC 2023 was opened on June 21 in London. It will focus on mobilizing international support for Ukraine's economic and social stabilization as well as recovery from the effects of war. This will include the provision of immediate emergency assistance and the follow-on financing for private sector participation in the reconstruction process.

The platform was originally launched as the “Ukraine Reform Conference” in London on July 6, 2017. It was intended to be a gathering of representatives of the Ukrainian Government, civil society and businesses with Ukraine's international partners to discuss key reforms within Ukraine in the areas of economic growth, effective governance, the development of

human capital, security and defense, and the rule of law and the combating corruption.

Follow-on meetings were held in Copenhagen – June 2018, Toronto – July 2019 and Vilnius - July 2021 working to that original model.

Following Russia’s full-scale invasion of Ukraine in February 2022 the conference that year, which was held in Lugano, Switzerland decided to refocus conference priorities to allow Ukraine to engage with its international partners to develop the best possible response to the enormous challenges it now faces. The conference was renamed the Ukraine Recovery Conference and addressed a recovery and development plan for Ukraine by concentrating on:

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·    Methods, priorities and principles of recovery;

·    Social, economic, environmental and infrastructure recovery from war damage and loss;

·    Reforms that will help facilitate and implement the current situation.

This year’s iteration will focus on the practical provision of funding the immediate and longer term needs of Ukraine. The organizers feel that, although the international community has already pledged significant emergency assistance, a broader mobilization of the public and private sectors is needed to meet the scale of stabilization and recovery needs of Ukraine in support of the planning and initiatives Kyiv has already taken to move forward with reconstruction despite the circumstances of war.

More than 1,000 foreign officials from 60 countries, as well as business leaders and global investors are expected to participate in this year’s event.

In advance of the conference the UK Prime Minister, Rishi Sunak, unveiled a pledge of $3 billion to support Ukraine’s reconstruction and said that more than 400 companies from 38 countries had promised to back the initiative.

It has been widely projected that the European Union will propose a financial aid package of around $55 billion at the conference. In comparison, the World Bank estimated Ukraine’s reconstruction costs at $411 billion, prior to the damage resulting from the destruction of the Kakhovka dam as well as the ongoing onslaught throughout Ukraine.