London: British Prime Minister Rishi Sunak opened the Ukraine Recovery Summit here on Wednesday to say that Russia must pay for the destruction inflicted on its European neighbour as he announced UK government loan guarantees worth USD 3 billion.
During his address, Sunak commended Ukraine’s resilience and resourcefulness while condemning Russia for its attempts to dismantle the country’s energy grid. He highlighted the fact that Ukraine’s energy infrastructure is now restored and even exporting energy. The two-day summit, jointly hosted with Ukraine, aims to rally international support in favour of the nation amidst its ongoing conflict with Russia.
“It’s clear that Russia must pay for the destruction that they have inflicted. So we are 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 am proud that today we are announcing a multi-year commitment to support Ukraine’s economy. Over three years, we will provide loan guarantees worth USD 3 billion, he said.
The World Bank Group President Ajay Banga welcomed the UK government’s “generous” guarantees to support the people of Ukraine at a critical moment.
In addition to the loan guarantees, Sunak unveiled the establishment of the “UK-Ukraine Tech Bridge,” aimed at fostering investment and talent exchange. He also pledged support for green energy initiatives as part of a collective effort alongside global allies. Sunak further disclosed that the International Monetary Fund (IMF) will contribute USD 15 billion to Ukraine over a span of four years as part of the G7’s USD 115 billion commitment.
He then welcomed Ukrainian President Volodymyr Zelenskyy virtually to the summit, who once again made a case for full membership of the military alliance North Atlantic Treaty Organisation (NATO), saying that Ukraine is already a key part of European defence.
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