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US announces $1.3 billion aid package for Ukraine

by Olesya Boyko June 21, 2023 6:17 PM 1 min read
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The U.S. will send a $1.3 billion assistance package to Ukraine, U.S. Secretary of State Antony Blinken announced at the Ukraine Recovery Conference in London on June 21.

The main goals of the package are to help restore Ukraine's power system and infrastructure and modernize checkpoints on the Ukrainian border.

“The United States will stand with Ukraine as long as it takes. As Russia continues to destroy, we are here to help Ukraine rebuild the country, rebuild lives, rebuild its future,” Blinken said.

According to the official website of the U.S. government, the funds include general economic assistance, assistance to repair and modernize Ukraine’s energy infrastructure, and support for Ukraine’s commitment to energy sector reforms.

The U.S. is going to invest more than $520 million to help Ukraine overhaul its energy grid and make Ukraine’s energy sector more integrated with the European energy sector. The money will also be used to support reforms of Ukraine's energy market aimed at fighting monopolies and stimulating private investment.

The United States will also provide $657 million to help modernize Ukraine's border crossings, rail lines, ports, and other critical infrastructure.

"We direct an additional $100 million to digitize Ukraine's customs and other systems to increase speed and to cut corruption. And we will allocate $35 million to help Ukrainian businesses and entrepreneurs through financing and insurance that reduces the risks for investors in Ukraine," Blinken added.

Since Feb. 24, 2022, the U.S. has provided about $63 billion in aid to Ukraine. This includes $19.3 billion in budget support through World Bank mechanisms, more than $2.1 billion in humanitarian assistance and more than $40 billion in security assistance.

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