Over 1,000 attendees from 61 countries participated in the conference on Wednesday and Thursday, including representatives from governments, 31 international organisations, and around 400 businesses. The aim of the discussions was to mobilise the international community with regard to rebuilding Ukraine following the Russian invasion.
Luxembourg’s foreign minister Jean Asselborn, who also attended, described it thus: “The goal is simple, yet complicated.”
The World Bank estimates that reconstruction will cost over 365 billion euros over the next decade alone. Such a feat could only work with cooperation from the private sector, according to Asselborn. With this in mind, the “Business Compact” initiative was founded to coordinate investments once it is possible to begin reconstruction work.
The Luxembourg delegation advocated for Arcelor Mittal’s manager for Ukraine investments to travel with them to London, as the company is considered a major foreign investor in Ukraine.
To date, the Grand Duchy has invested 17.5 million euros in humanitarian aid, explained Asselborn. 2.2 million euros have been allocated to a reconstruction fund. In addition, the country will financially support any crucial de-mining work to enable Ukraine’s agricultural sector to resume. Ukraine is notably one of the world’s largest grain exporters.
In 2022 alone, Ukraine lost 29% of its GDP, while inflation reached 27%. Even now, the country may only survive with the help of humanitarian and financial aid to keep the budget in balance, Asselborn said. This aid would help to finance salaries, pensions, and the Ukrainian health system.
In terms of reconstruction, the conference attendees agreed that Russia should finance the rebuilding of the country it has destroyed. However, the conference did not focus on concrete details of how this financing should develop.
Audio report in Luxembourgish
