The UK Commits £3 Bln to War-Torn Ukraine

by Olha Povaliaieva
Thursday, August 4, 2022
The UK Commits £3 Bln to War-Torn Ukraine

Chancellor Nadhim Zahawi offered to the Treasury to provide loan guarantees to British exporters to help Ukraine

Sky News reports that chancellor Nadhim Zahawi has offered his colleagues at the Treasury £3bn of "credit facilities enabling British exporters to help defend and rebuild Ukraine." It is known that the chancellor also announced to the minister of international trade Anne-Marie Trevelyan that he supported the request for loan guarantees from UK Export Finance. According to the UK Ministry of defence, Nadhim Zahawi believes that this is "essential that we continue supporting the government of Ukraine in any way we can and demonstrating our faith in the future of Ukraine."

The loan for Ukraine will be partially distributed among British companies that will take part in helping and protecting Ukraine. £2.3 billion from UKEF will be used to sponsor military contracts that Ukraine itself will choose, the remaining £700 will be used to implement projects for the reconstruction of the war-torn country.

Internal sources suggest that British companies BAE Systems and Babcock International will be among the executors of the contracts.

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