Ukraine will prepare a medium-term reconstruction plan in cooperation with the EU in cooperation with donors, European Commission Vice-President Valdis Dombrovskis said at Ukraine Recovery Conference in London, commenting on the initiative announced the day before on the allocation of EUR 50 billion by the European Union to Ukraine in a financial reserve for 2024-2027.

"This plan will bring together necessary investments and reforms not only to help with reconstruction, but indeed also help with the green and digital transformation of the economy, and to help with the reforms necessary for Ukraine towards joining EU," Dombrovskis said.

According to him, in addition to mobilizing donor assistance at the state and IFI levels, the new EU package also aims to mobilize the private sector to support the reconstruction of Ukraine.

"And that is actually one of the topics of today's conference, including the question of war insurance, because clearly in the current circumstances for businesses to go to Ukraine, to invest, to do different kinds of economic activities, the question is about covering the country risk and war insurance," the EC Vice President said.

He noted that this is why it is so important that the EBRD is now taking the initiative to launch a pilot military insurance scheme.

"We are going to sign an agreement to work on this pilot scheme later today to cover estimated funding needs," Dombrovskis said.

He said the EU is also working on a pilot project for export credit guarantee schemes to Ukraine.

Among other initiatives, he named the provision by the European Commission of a EUR 100 million guarantee for the European Investment Bank's project to restore infrastructure and provide business support, and also announced the signing on Tuesday of two other agreements to support small and medium-sized businesses in Ukraine.