The two-day summit is being jointly hosted with Ukraine in London as part of efforts to mobilise international support in favour of the country in its ongoing conflict with Russia.
In his opening remarks at the Ukraine Recovery Summit on Wednesday, British Prime Minister Rishi Sunak declared that "Russia must pay" for the damage done to its European neighbour and promised 3 billion USD in credit guarantees from the UK government. Sunak lauded the "ingenuity and defiance" of Ukraine while criticising Russia for attempting to take down the nation's electrical grid, which he claimed was back online and even exporting energy. In an effort to rally worldwide support for the nation in its ongoing confrontation with Russia, the two-day conference is being jointly sponsored by Ukraine and London.
Also read: US admits to making $6.2 billion accounting error on Ukraine (WATCH)
“It’s clear that Russia must pay for the destruction that they’ve inflicted. So, we’re working with allies to explore lawful routes to use Russian assets,” said Sunak in his opening address.
“The British government will continue to play its full part and I’m proud that today we’re announcing a multi-year commitment to support Ukraine’s economy. Over three years, we will provide loan guarantees worth USD 3 billion,” he said.
UK Prime Minister Sunak: Russia has to pay for the destruction of Ukraine, so we are working on a project that will allow the use of frozen Russian assets pic.twitter.com/RiPwsJmNbk
— Aprajita Choudhary 🦋 (@aprajitanefes)The "generous" guarantees from the UK government to assist the people of Ukraine at a crucial time were welcomed by World Bank Group President Ajay Banga.
“The UK’s support is backed by a major signal of intent from world-leading businesses, with more than 400 companies, from 38 countries, with a combined annual revenue of over USD 1.6 trillion, pledging to back Ukraine’s recovery and reconstruction in the wake of Russia’s illegal invasion,” said the Indian-origin World Bank chief.
“The World Bank Group is designed to do hard things like helping people rebuild their lives after the devastation. With this support, we will keep delivering on that mission and help Ukrainians imagine a life after the war,” he said.
Also read: Russia-Ukraine war: Vladimir Putin confirms first nuclear weapons moved to Belarus
The International Monetary Fund (IMF) is investing USD 15 billion in Ukraine over four years as part of a USD 115 billion commitment by the G7, according to Sunak, who also announced the launch of a new "UK-Ukraine TechBridge" to foster investment and talent as well as support for green energy.
“This is a vibrant, dynamic, creative, European country that refuses to be subdued. So, together with our allies, we will maintain our support for Ukraine’s defence and for the counter-offensive. We will stand with Ukraine for as long as it takes as they continue to win this war,” added Sunak.
He then formally welcomed "friend" and Ukrainian President Volodymyr Zelenskyy to the summit. Zelenskyy, who has previously spoken in favour of Ukraine's full membership in NATO, claimed that Ukraine already plays a significant role in the defence of Europe.
"By building Ukraine, we are building much more than one country: we are building the world, and it will [last] during the lifetime of our generation and after ours. Will it be peaceful? Will it be stable? Will it be democratic? It depends on each and every one of us," said Zelenskyy.