LONDON – June 22, 2023 – The International Center for Trade Transparency Limited (ICTT) expresses its immense satisfaction with the successful conclusion of the Ukraine Recovery Conference (URC) 2023, held in London on 21-22nd June. Representing ICTT, H.E. Ambassador Sven Jurgenson, actively participated in the two-day event, fostering essential dialogues and collaborations towards Ukraine’s sustainable recovery.
The conference brought together governments, international organisations, businesses, and civil society, all united by their belief in a vibrant future for Ukraine. The widespread destruction caused by Russia’s unwarranted invasion was openly acknowledged, as was the resilience of the Ukrainian people amidst such calamity.
URC 2023 has seen renewed commitment to Ukraine’s survival as an independent, sovereign and democratic state within its internationally recognised borders. This commitment is not only essential for Ukraine’s citizens but crucial for global peace and prosperity.
The conference successfully secured $60 billion in additional funds to address Ukraine’s recovery and reconstruction needs. Around 500 global businesses from 42 countries, spanning 21 sectors and totalling over $5.2 trillion in worth, pledged support through the Ukraine Business Compact. These businesses have agreed to utilise their expertise to enhance Ukraine’s private sector, spotlighting sectors including energy, tech, infrastructure, and finance.
In order to stimulate private investment, the London Conference War Risk Insurance Framework was launched, alongside a significant extension of commercial insurance coverage in Ukraine. The European Bank for Reconstruction & Development (EBRD) intends to develop a pilot war risk insurance scheme, which will be complemented by continued budgetary support from Ukraine’s international partners.
The G7 and European Development Finance Institutions, in partnership with the EBRD, launched the new Ukraine Investment Platform. This platform aims to encourage co-investment, maximising the impact of international support. Additionally, the commitment to ensure Russia’s financial responsibility for Ukraine’s long-term reconstruction was reaffirmed.
The conference also demonstrated an unwavering commitment to ‘building back better’, encouraging Ukraine to transform into a more modern, innovative, and green economy. The G7+ governments pledged to develop a new Clean Energy Partnership with Ukraine to ensure a secure, sustainable and integrated transition to green energy.
Looking forward, Ukraine and its partners have committed to delivering a transparent recovery and working closely with international businesses, local government, and civil society. Germany will host the next Ukraine Recovery Conference in 2024, building upon the outcomes of Lugano and London.
ICTT remains devoted to supporting these global efforts, promoting trade transparency, and enhancing the resilience of global supply chains.