United States to provide over US$440 million in economic aid to Ukraine

The United States will soon allocate more than US$440 million to support agriculture, reconstruction and economic activity in Ukraine.

Source: Richard Verma, US Deputy Secretary of State, during a speech at the Center for Strategic and International Studies in Washington, as reported by European Pravda

Details: In a speech focused on US assistance for Ukraine’s reconstruction, Verma announced four measures to further support Ukraine’s economy in cooperation with Congress. 

The US will allocate an additional US$74.7 million to support export-oriented agriculture, enabling Ukrainian farmers and processors to play a greater role in rebuilding Ukraine’s economy. 

Over US$223 million will be provided to restore Ukraine's transportation system, infrastructure and logistics. 

These funds will be used for modernising border crossing points with EU countries, ports on the Black Sea and Danube, upgrading railway sections in border areas and enhancing Ukraine’s capacity to export goods to the European Union.

The US will also contribute US$35 million to the Ukraine Recovery Trust Fund to facilitate cooperation between the public and private sectors during reconstruction efforts. More than US$105 million will be allocated for "training and equipping Ukrainians for tomorrow's jobs in reconstruction and industry," Verma announced.

Background:

• The US recently announced a US$20 billion contribution to a special World Bank fund for Ukraine. 
• This is part of the G7’s plan to provide €50 billion to Ukraine using Russian assets. The funds will be formally issued as loans but will be repaid using a windfall tax on profits derived from frozen Russian assets.

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