$55 billion allocated to Ukraine – not the only result of the Ukraine Recovery Conference in London (June 21-22).

Read more about the results of the Ukraine Reconstruction Conference in the column by the Director of the Office of Reforms of the Cabinet of Ministers of Ukraine, Tetiana Kovtun. Not just $55 billion: what Ukraine received at conference in London.

As the author of the column writes, one of the main achievements of the Conference was the announcement by the European Commission of a new medium-term support instrument for Ukraine called the Ukraine Facility.

"If approved, this instrument will enable mobilisation of up to 50 billion euros for Ukraine from 2023 to 2027," explains Tetiana Kovtun.

The funds are significant, but their disbursement, adds the Director of the Office of Reforms, will be tied to fulfilling conditions, including the public administration reform.

The author reminds us that the United Kingdom has also announced guarantees worth $3 billion to support additional lending by the World Bank until 2027, as well as 240 million pounds to support immediate needs.

Switzerland has announced additional support of 1.5 billion Swiss francs until 2027.

The United States announced additional assistance to Ukraine totalling $1.3 billion, including $575 million that will be directed to modernisation and restoration of vital infrastructure in Ukraine.

Support from Germany amounts to 381 million euros.

Additional sources of funding were also secured through agreements with the World Bank, which will allow Ukraine to receive $1.76 billion, and the European Investment Bank will initiate a new portfolio of projects worth 840 million euros.

"These resources give us confidence not only until the end of the year. This is a chance for mid-term sustainable planning," emphasises Tetiana Kovtun.

According to her, the conference once again reiterated the political statement that Ukraine will join the European Union.

Furthermore, as the author notes, one of the key statements by Ukraine's partners relates to using frozen Russian assets for the country's reconstruction.

The Director of the Government Office of Reforms expects a specific mechanism for using frozen Russian assets to be presented soon.

"Given the growing interest in Ukraine as a potential country for investment, the business communities of Ukraine and the world have joined the Ukraine Business Compact aimed at attracting investment to Ukraine and promoting its development," informs Tetiana Kovtun.

According to her information, Ukraine Business Compact has been signed by almost 500 companies from 42 countries worldwide.

The Ukrainian Investment Platform was launched at the conference – an initiative of G7, the European Union, and international financial institutions to promote investment and development in Ukraine.

Ukraine, the EU, Norway, Switzerland, the European Investment Bank, and the European Bank for Reconstruction and Development have concluded an agreement on restoring private military risk insurance.