British Foreign Secretary Yvette Cooper has announced a new aid package worth nearly GBP 290 million to support Ukraine’s recovery and energy security.
According to the British government, she announced this during her participation in the Ukraine Recovery Conference in Gdansk, Poland.
It is noted that the announced package will help strengthen Ukraine’s energy security through the signing of a GBP 210 million agreement with British company Urenco for the supply of nuclear fuel to Ukraine’s national energy company Energoatom, to help Ukraine withstand Russian attacks on critical energy infrastructure and ensure uninterrupted operation. The deal will also boost the British economy, as Urenco employs over 650 people in the UK, and its Chester site supports over 4,500 jobs across the UK in the broader supply chain.
The funding will also support new schemes to modernize Ukraine’s justice system, help build systems that hold those responsible for war crimes accountable, and accelerate judicial processes and the fight against corruption to increase justice and transparency.
Cooper stated that a just and lasting peace is urgent and non-negotiable. However, she emphasized that Ukraine needs long-term support both to overcome the conflict and to rebuild in the future, which is why at this year’s Ukraine Recovery Conference the UK is announcing a multi-million pound aid package to power Ukraine’s homes and critical infrastructure, support its businesses, and help improve education and justice.
The British international investment company will also provide up to GBP 65 million for renewable energy and the banking sector in Ukraine together with the European Bank for Reconstruction and Development. The new investments include the construction of two new wind power plants and the provision of much-needed support to Ukrainian businesses through Bank Lviv.
British companies will play a vital role in reconstruction projects across Ukraine, including the future modernization of Lviv airport, as well as schools in Vinnytsia region, under the Project Development Programme, which is to receive an additional GBP 1 million in funding from the UK.
The allocation of bilateral assistance funding announced today includes:
Up to GBP 13 million to support British International Investment’s intention to participate in the EU Flagship Fund;
Up to GBP 12 million for a new governance program, including:
Up to GBP 2.4 million for the EU Anti-Corruption Initiative (EUACI); and
GBP 1 million to support judicial reform;
Up to GBP 763,000 to continue supporting the Green Transition Office in Ukraine.
Alongside the bilateral allocation of funds, the UK will announce a range of measures to support Ukraine’s long-term economic growth. These include:
New investments from British International Investment of up to GBP 65 million using existing UK ODA funding to co-finance projects that will expand lending to small and medium-sized enterprises through Bank Lviv and support the construction of two new wind power plants;
Up to GBP 200,000 to expand support for Ukraine’s critical minerals sector through the expertise of the British Geological Survey to improve geological data, strengthen standards, and attract investment;
Up to GBP 1 million for the second year of the Project Development Programme to help British companies participate in the early planning of reconstruction projects across Ukraine. This builds on successful first-stage projects, including feasibility studies for the future expansion of Lviv airport and the modernization of schools in Vinnytsia region; and
A new Memorandum of Understanding between UK Export Finance and the Ukrainian Export Credit Agency to strengthen institutional capacity, share expertise, and support the growth of the private sector and Ukraine’s exports.
