Technological Bridge and $3 Bln Credit

by Meifan Honcharuk
Thursday, June 22, 2023
Technological Bridge and $3 Bln Credit

Rishi Sunak reported on investments in Ukraine, war risk insurance and the joint "Ukraine business compact" with the IMF

On June 22, during Ukraine Recovery, Rishi Sunak reported on the long-term support program for our country.

"I'm proud that today we're announcing a multiyear commitment to support Ukraine's economy, and over the next three years, we will provide loan guarantees worth $3 billion. We are also launching a new technology bridge between the UK and Ukraine to attract investment and talent, green energy support and much more, all part of a larger collective effort by allies and partners around the world, including significant new support from the EU, which will also be announced this week," Rishi Sunak.

The minister announced that the IMF will join the 4-year G7 program: over 4 years, the G7 and its partners will provide Ukraine with $115 billion, of which $15 billion will be financed by the IMF.

"Because, first of all, we have to build a platform for business. Only they can really attract the innovation and investment that Ukraine needs. And that is why we are launching the Ukraine business compact so that the private sector can declare its support for the recovery and reconstruction of Ukraine. And I am glad to announce today that over 400 companies from 38 countries have already signed up," Rishi Sunak.

Combined annual revenue of these companies is over $1.6 trillion.

On June 21, minister Sunak announced the provision of £240 million in financial support to Ukraine. This includes war risk insurance measures to create a safe space for investment in Ukraine.

"The war has proved how much Ukraine has to offer. When I visited Kyiv in November, I saw this for myself. I saw Ukraine's incredible spirit. A spirit, yes of strength and defiance but also of ingenuity and innovation," Rishi Sunak.

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