Rebuilding infrastructure, demining, restructuring the economy, financing public services: leaders and representatives of more than 60 countries are expected today and tomorrow in London at a conference on reconstruction of Ukraine which aims to mobilize states, companies and large economic institutions.

Although the immediate needs of Ukraine estimated at $14 billion by the World Bankthe overall recovery of the country’s economy will cost $411 billion, according to a recent survey by the financial institution in collaboration with the UN, the EU and the Ukrainian government. An amount expected to rise as the conflict continues.

British Prime Minister Rishi Sunak, whose country is one of Ukraine’s most active supporters, is expected to open the conference. European Commission President Ursula von der Leyen and US Secretary of State Anthony Blinken will participate in it, among others. Ukrainian President Volodymyr Zelensky will participate via video.

“Building the Future”

According to Downing Street, Shunak intends to reiterate the West’s commitment to support Ukraine “for as long as it takes to win the war” and help “build the future it deserves”. In December, German Chancellor Olaf Scholz he had compared aid to Ukraine to the Marshall Plan drawn up by the US to rebuild Europe after World War II.

Many countries and institutions have already announced that they intend to release resources, while the international community is considering legal measures to mobilize tens of billions of Russian resources and assets frozen in the West to finance the reconstruction of Ukraine.

Private sector

The conference on the reconstruction of Ukraine is the second organized after the start of the war. The first was held in Lugano, Switzerland. Hundreds of business leaders as well as non-governmental organizations will attend the conference, which aims to mobilize the private sector.

The conference will be an opportunity to officially launch the “Ukraine Business Compact”, an initiative calling on businesses from around the world to pledge to support the reconstruction of Ukraine, alongside major global financial institutions. The World Bank recently pledged $200 million to Ukraine to restore the electricity grid, bringing to $23 billion its pledges since the start of the war.

The European Bank for Reconstruction and Development (Berd) has already pledged €3 billion for 2022 and 2023, mainly for the energy and transport sectors.

Berd is also expected to announce two more initiatives during the conference: one to finance an agri-food company and a second one that will be done in collaboration with a bank to provide resources for small and medium enterprises in Ukraine. At the same time, he will announce “three protocols of agreement” for energy, mainly with the state company Ukrenegro.