U.S. allocates over $1.3 billion more to help restore Ukraine — Blinken
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The United States will help war-torn Ukraine to repair its electrical grid and modernize its infrastructure with funding worth $1.3 billion, U.S. Secretary of State Antony Blinken said at the Ukraine Recovery Conference in London on June 21.
This support is intended to complement the work of G7 Coordination Group launched last October.
Over $520 million will be directed to overhaul Ukraine’s energy grid, over half of which was destroyed by Russia.
"In so doing [we will] make it cleaner, make it more resilient, make it more integrated with Europe,” Blinken explained.
“And we’ll support Ukraine’s energy market reforms to combat monopolies and to spur more private investment, which will enable Ukraine one day to become a major energy exporter. The work was already started in October within the G7 mission. That group has grown to include 18 countries and several multilateral institutions. Together we’ve allocated billions of dollars to help repair and rebuild Ukraine’s energy sector. We’ve sent more than 5 million power generators to Ukraine — transformers, cables, pipes, circuit breakers, other pieces of energy equipment."
The U.S. is also providing Ukraine with $657 million for infrastructure modernization, including border crossings, rail lines, ports, and other critical infrastructure that connect the country with Europe.
"We’ll direct an additional $100 million toward digitizing Ukraine’s customs and other systems to boost speed and cut corruption,” he added.
“And we’ll commit $35 million to help Ukrainian businesses and entrepreneurs through financing and insurance that reduces risks for investors in Ukraine.”
Ukraine also will receive a second International Monetary Fund (IMF) tranche later this month.
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