Ukraine tells West it needs over $6 billion more to rebuild

(Reuters) — Ukraine called Wednesday for Western countries to pledge over $6 billion more to help it rebuild over the next 12 months, saying Russia’s war meant Kyiv was facing the largest reconstruction project in Europe since World War II.

At a conference in London where Britain, the United States, the European Union and others pledged billions of dollars in additional help, Ukraine said it needed yet more capital and also commitments to specific projects to not only recover but to develop into a powerful member of the Western world.

Ukrainian Prime Minister Denys Shmyhal put the price tag at more than $6 billion over the next 12 months, a shortfall he said he would try to cover during the conference,

“We have set an ambitious goal of securing pledges for this amount as a result of this conference,” he said.

While expressing thanks for the support so far, Ukrainian President Volodymyr Zelenskiy was blunt — Kyiv also needed concrete commitments to projects that will help Ukraine not only recover but to further modernize.

After nearly 16 months of Russia’s war on Ukraine that has destroyed homes, hospitals and other critical infrastructure, British Prime Minister Rishi Sunak opened the conference with an appeal to businesses and governments to do more to help rebuild.

Addressing the key difficulty for most companies wanting to invest in Ukraine — insurance against war damage and destruction — Mr. Sunak announced the London Conference Framework for War Risk Insurance, which could pave the way for derisking investment.

“Together with our allies we will maintain our support for Ukraine’s defense and for the counteroffensive, and we’ll stand with Ukraine for as long as it takes as they continue to win this war,” Mr. Sunak told the conference, which brought together more than 1,000 public- and private-sector decision-makers.

He said the London Conference Framework was “a huge step forward towards helping insurers to underwrite investments into Ukraine, removing one of the biggest barriers and giving investors the confidence they need to act.”

Marsh McLennan, which has been working on the British government program, said a war risk insurance scheme has to be available at an unprecedented scale — and come with a government backstop.

Mr. Sunak unveiled measures including $3 billion of additional guarantees to unlock World Bank lending, while U.S. Secretary of State Antony Blinken offered $1.3 billion in additional aid.