Ukraine on Wednesday received substantial commitments of several billions of dollars in financial assistance from its allies for post-war reconstruction, anti-corruption efforts and advancing its path toward European Union membership.

Private Sector Urged to Invest in Ukraine’s Economy

Stressing the vast scale of the task, diplomats and political leaders at the Ukraine Recovery Conference in London urged private-sector companies to invest and revive an economy battered by almost a year and a half of war.

More Than 60 Countries Attend Conference

Delegates from more than 60 countries attended the conference, which is a fundraising forum and a message to Russia that Ukraine’s allies are in it for the long haul.

Cost of Reconstruction Estimated at Over $400 Billion

The World Bank has estimated the cost of the reconstruction at more than $400 billion, a figure rising daily alongside the human toll of Russia’s invasion. Politicians from Europe and the U.S. vowed that Russia would one day be made to pay for the destruction – though officials acknowledged that day is some way off.

Financial Assistance from Allies

Secretary of State Antony Blinken said the U.S. would give over $1.3 billion in new aid, including over $500 million, to restore and improve Ukraine’s battered energy grid. European Commission President Ursula von der Leyen announced 50 billion euros ($55 billion) in support through 2027, while Britain pledged 240 million pounds ($305 million) in aid and 3 billion pounds ($3.8 billion) in World Bank loan guarantees for Ukraine.

Ukraine President Urges for Action

Ukraine President Volodymyr Zelenskyy addressed delegates by video and said his country needed action, not just pledges. “We must move from vision to agreements and from agreements to real projects,” he said.

Push for EU Membership

Zelenskyy, pushing for Ukraine to join NATO and the European Union, urged Western leaders to have the “courage” to acknowledge that his country is already a key part of their economic and defense alliances. “We are only waiting for the courage of the alliance leaders to recognize this reality, politically,” he said. Von der Leyen said, “I do not doubt that Ukraine will be part of our union,” but stressed that it must still meet conditions before starting accession talks, including cutting corruption and reforming the judiciary.

Anti-Corruption Efforts and Reforms

Blinken also highlighted anti-corruption efforts, saying some U.S. money will go toward upgrading ports and border infrastructure and digitizing customs procedures to cut graft. “Despite the war, Ukraine has accelerated its reform agenda with impressive speed and resolve,” von der Leyen said. She said such reforms would send “a powerful message” to investors that they will get the “transparency, fairness and the functioning institutions they need to invest in Ukraine.”

Investment Opportunities in Ukraine

The conference aims to harness private-sector investment. British Prime Minister Rishi Sunak said BT, Virgin, Philips and Hyundai Engineering are among more than 400 companies from 38 countries that have committed to invest in Ukraine. Sunak said Ukraine is a “huge investment opportunity” despite the mounting destruction from Russian attacks.

Russia to Bear Cost of Ukraine’s Reconstruction

“Let’s be clear: Russia is causing Ukraine’s destruction, and Russia will eventually bear the cost of Ukraine’s reconstruction,” Blinken said.