UK Prime Minister Rishi Sunak shakes hands with Ukrainian President Volodymyr Zelenskyy during a meeting in Kyiv. AP
UK Prime Minister Rishi Sunak shakes hands with Ukrainian President Volodymyr Zelenskyy during a meeting in Kyiv. AP
UK Prime Minister Rishi Sunak shakes hands with Ukrainian President Volodymyr Zelenskyy during a meeting in Kyiv. AP
UK Prime Minister Rishi Sunak shakes hands with Ukrainian President Volodymyr Zelenskyy during a meeting in Kyiv. AP

Sunak pledges £2.35bn in loan guarantees to rebuild Ukraine


Soraya Ebrahimi
  • English
  • Arabic

Prime Minister Rishi Sunak has announced $3 billion (£2.35 billion) in bank loan guarantees to bolster the rebuilding of Ukraine, as he pledged to stand with the country for “as long as it takes”.

Mr Sunak will open a major conference in London focused on Ukraine’s recovery from Russia’s invasion, hailing Kyiv's “defiance” as Ukrainian President Volodymyr Zelenskyy’s troops use a counter-offensive to push back Moscow’s forces.

The financial package includes World Bank loan guarantees worth $3 billion over three years.

Downing Street said the guarantees amount to the first bilateral package of multiyear fiscal assistance to be set out by a G7 country.

The funding is expected to support public services, including the cost of running schools and hospitals.

To mark the two-day summit, hundreds of companies, including British venture Virgin and US bank Citi, have signed up to back Ukraine’s recovery and reconstruction.

In pre-briefed comments, Mr Sunak will tell the Ukraine Recovery Conference: “As we’ve seen in Bakhmut and Mariupol, what Russia cannot take it will seek to destroy. They want to do the same to Ukraine’s economy.

“The scale of the challenge is real. The war brought a 29 per cent fall in Ukraine’s GDP [gross domestic product] last year, but just look at the streets of Kyiv – despite the threat of attack, people are getting on with their lives and getting on with business.

“President Zelenskyy’s government is determined to drive reforms to become more open, more transparent and ready for investment.

“This is a vibrant, dynamic, creative, European country that refuses to be subdued.

“So, together with our allies, we will maintain our support for Ukraine’s defence and for the counter-offensive, and we’ll stand with Ukraine for as long as it takes as they continue to win this war.”

Ukraine and Russia conflict latest – in pictures

  • A Ukrainian soldier moves along a trench at a position near the front-line town of Bakhmut. Reuters
    A Ukrainian soldier moves along a trench at a position near the front-line town of Bakhmut. Reuters
  • The leader of Russia's Wagner Group Yevgeny Prigozhin, right, talks to his fighters in Bakhmut. AFP
    The leader of Russia's Wagner Group Yevgeny Prigozhin, right, talks to his fighters in Bakhmut. AFP
  • A Ukrainian serviceman from the 24th Separate Mechanised Brigade keeps watch on the front line. EPA
    A Ukrainian serviceman from the 24th Separate Mechanised Brigade keeps watch on the front line. EPA
  • An evacuee from eastern Ukraine boards a train in Pokrovsk bound for Lviv. Reuters
    An evacuee from eastern Ukraine boards a train in Pokrovsk bound for Lviv. Reuters
  • Fighters of the Russian Volunteer Corps, which fights on the side of Ukraine, in the north of the country, not far from the Russian border. AFP
    Fighters of the Russian Volunteer Corps, which fights on the side of Ukraine, in the north of the country, not far from the Russian border. AFP
  • A Ukrainian army multiple rocket launcher fires at Russian positions on the front line near Bakhmut. AP
    A Ukrainian army multiple rocket launcher fires at Russian positions on the front line near Bakhmut. AP
  • Smoke rises after a Russian missile strike in Kyiv. Reuters
    Smoke rises after a Russian missile strike in Kyiv. Reuters
  • A Ukrainian man plants sunflowers between a damaged Russian tank and its turret in his garden in the village of Velyka Dymerka, Kyiv region. AP
    A Ukrainian man plants sunflowers between a damaged Russian tank and its turret in his garden in the village of Velyka Dymerka, Kyiv region. AP
  • Ukrainian servicemen rest at their positions after a battle near the front-line city of Bakhmut. Reuters
    Ukrainian servicemen rest at their positions after a battle near the front-line city of Bakhmut. Reuters
  • A teenager aims a Kalashnikov AK47 rifle during defence training at a centre for school pupils in Lviv. AFP
    A teenager aims a Kalashnikov AK47 rifle during defence training at a centre for school pupils in Lviv. AFP
  • A Ukrainian national flag in the middle of a blossoming field near Brovary, east of Kyiv. AP
    A Ukrainian national flag in the middle of a blossoming field near Brovary, east of Kyiv. AP
  • Ukrainian servicemen check Russian positions near the front-line city of Bakhmut. Reuters
    Ukrainian servicemen check Russian positions near the front-line city of Bakhmut. Reuters
  • Rescuers put out a fire during a Russian air strike on Kyiv. EPA
    Rescuers put out a fire during a Russian air strike on Kyiv. EPA
  • Ukrainian boys play at being soldiers in the village of Stoyanka. AFP
    Ukrainian boys play at being soldiers in the village of Stoyanka. AFP
  • Ukrainian servicemen during an exercise in the Chernihiv region. Reuters
    Ukrainian servicemen during an exercise in the Chernihiv region. Reuters
  • Ukrainian soldiers fire a cannon on the front line near Bakhmut. AP
    Ukrainian soldiers fire a cannon on the front line near Bakhmut. AP

Ajay Banga, president of the World Bank, said: “The UK government’s generous guarantees to the World Bank Group will support the people of Ukraine at a critical moment.

“The World Bank Group is designed to do hard things like helping people rebuild their lives after devastation. With this support, we will keep delivering on that mission and help Ukrainians imagine a life after the war.”

On top of the loan guarantees, Mr Sunak will also announce a commitment of up to £250 million of new capital for British International Investment, the UK’s development finance institution.

No 10 said the money will support private sector investment in major infrastructure projects, energy markets, financial services and agriculture across Ukraine.

World businesses are also involved in recovery efforts, with more than 400 companies from 38 countries, with a combined annual revenue said to be more than $1.6 trillion (£1.25 trillion), pledging to back Ukraine’s rebuild as part of the summit.

Major conglomerates, international corporations and retail chains are among those who have signed up to the Ukraine Business Compact, with Virgin, Sanofi, Philips, Hyundai Engineering and Citi among those involved.

The Prime Minister will also use the summit to announce the London Conference Framework for War Risk Insurance, which is set to receive G7 backing.

As part of its plan to deliver on the framework, the UK is releasing up to £20 million of funding for the Multilateral Investment Guarantees Agency to provide guarantees and insurance for reconstruction projects while the conflict is still going on.

Britain’s funding efforts are in addition to a £240 million boost in UK aid for Ukraine this year, No 10 said.

Addressing the conference, Mr Sunak is expected to add: “We’ll stand with Ukraine as they win the peace and harness all their ingenuity and defiance to build the future they deserve.

“The question for us today is what can we do to support this – to fast-track recovery and help Ukraine unleash its potential?

“We must bring to bear a partnership of governments, international financial institutions and business leaders, all of us here today, to make this happen.

“The British government will continue to play its full part.”

Mr Zelenskyy is scheduled to address the conference via video link on Tuesday, while Ukraine’s Prime Minister Denys Shmyhal will give the keynote speech.

Directed: Smeep Kang
Produced: Soham Rockstar Entertainment; SKE Production
Cast: Rishi Kapoor, Jimmy Sheirgill, Sunny Singh, Omkar Kapoor, Rajesh Sharma
Rating: Two out of five stars 

ABU%20DHABI%20CARD
%3Cp%3E%0D%3Cstrong%3E5pm%3A%3C%2Fstrong%3E%20Al%20Rabi%20Tower%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(Turf)%201%2C400%0D%3Cbr%3E%3Cstrong%3E5.30pm%3A%3C%2Fstrong%3E%20Wathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(T)%201%2C600m%0D%3Cbr%3E%3Cstrong%3E6pm%3A%3C%2Fstrong%3E%20Abu%20Dhabi%20Championship%20%E2%80%93%20Listed%20(PA)%20Dh180%2C000%20(T)%201%2C600m%0D%3Cbr%3E%3Cstrong%3E6.30pm%3A%3C%2Fstrong%3E%20Hili%20Tower%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%202%2C200m%0D%3Cbr%3E%3Cstrong%3E7pm%3A%20%3C%2Fstrong%3EUAE%20Arabian%20Derby%20%E2%80%93%20Prestige%20(PA)%20Dh150%2C000%20(T)%202%2C200m%0D%3Cbr%3E%3Cstrong%3E7.30pm%3A%3C%2Fstrong%3E%20Abu%20Dhabi%20Championship%20%E2%80%93%20Listed%20(TB)%20Dh380%2C000%20(T)%202%2C200m%3C%2Fp%3E%0A
RESULTS
%3Cp%3E%3Cstrong%3E9pm%3A%20Maiden%20(PA)%20Dh70%2C000%20(Dirt)%202%2C000m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Mubhir%20Al%20Ain%2C%20Antonio%20Fresu%20(jockey)%2C%20Ahmed%20Al%20Mehairbi%20(trainer)%3Cbr%3E%3Cstrong%3E9.30pm%3A%20Handicap%20(TB)%20Dh70%2C000%20(D)%202%2C000m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Exciting%20Days%2C%20Oscar%20Chavez%2C%20Doug%20Watson%3Cbr%3E%3Cstrong%3E10pm%3A%20Al%20Ain%20Cup%20%E2%80%93%20Prestige%20(PA)%20Dh100%2C000%20(D)%202%2C000m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Suny%20Du%20Loup%2C%20Marcelino%20Rodrigues%2C%20Hamad%20Al%20Marar%3Cbr%3E%3Cstrong%3E10.30pm%3A%20Maiden%20(PA)%20Dh70%2C000%20(D)%201%2C800m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Jafar%20Des%20Arnets%2C%20Oscar%20Chavez%2C%20Ahmed%20Al%20Mehairbi%3Cbr%3E%3Cstrong%3E11pm%3A%20Wathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(D)%201%2C600m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Taj%20Al%20Izz%2C%20Richard%20Mullen%2C%20Ibrahim%20Al%20Hadhrami%3Cbr%3E%3Cstrong%3E11.30pm%3A%20Maiden%20(PA)%20Dh70%2C000%20(D)%201%2C400m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Majdy%2C%20Antonio%20Fresu%2C%20Jean%20de%20Roualle%3Cbr%3E%3Cstrong%3E12am%3A%20Maiden%20(PA)%20Dh70%2C000%20(D)%201%2C400m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Hamloola%2C%20Sam%20Hitchcott%2C%20Salem%20Al%20Ketbi%3C%2Fp%3E%0A
Fund-raising tips for start-ups

Develop an innovative business concept

Have the ability to differentiate yourself from competitors

Put in place a business continuity plan after Covid-19

Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.) 

Have enough cash to stay afloat for the next 12 to 18 months

Be creative and innovative to reduce expenses

Be prepared to use Covid-19 as an opportunity for your business

* Tips from Jassim Al Marzooqi and Walid Hanna

MATCH INFO

Uefa Champions League, last 16, first leg

Ajax v Real Madrid, midnight (Thursday), BeIN Sports

Graduated from the American University of Sharjah

She is the eldest of three brothers and two sisters

Has helped solve 15 cases of electric shocks

Enjoys travelling, reading and horse riding

 

Afcon 2019

SEMI-FINALS

Senegal v Tunisia, 8pm

Algeria v Nigeria, 11pm

Matches are live on BeIN Sports

Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
  • Option 3: 30% across five years 
Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

6 UNDERGROUND

Director: Michael Bay

Stars: Ryan Reynolds, Adria Arjona, Dave Franco

2.5 / 5 stars

MATCH INFO

Manchester United 2
(Martial 30', McTominay 90 6')

Manchester City 0

INDIA%20SQUAD
%3Cp%3ERohit%20Sharma%20(capt)%2C%20Shubman%20Gill%2C%20Cheteshwar%20Pujara%2C%20Virat%20Kohli%2C%20Ajinkya%20Rahane%2C%20KL%20Rahul%2C%20KS%20Bharat%20(wk)%2C%20Ravichandran%20Ashwin%2C%20Ravindra%20Jadeja%2C%20Axar%20Patel%2C%20Shardul%20Thakur%2C%20Mohammed%20Shami%2C%20Mohammed%20Siraj%2C%20Umesh%20Yadav%2C%20Jaydev%20Unadkat%3C%2Fp%3E%0A

The Limehouse Golem
Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars

Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
RESULTS

Time; race; prize; distance

4pm: Maiden; (D) Dh150,000; 1,200m
Winner: General Line, Xavier Ziani (jockey), Omar Daraj (trainer)

4.35pm: Maiden (T); Dh150,000; 1,600m
Winner: Travis County, Adrie de Vries, Ismail Mohammed

5.10pm: Handicap (D); Dh175,000; 1,200m
Winner: Scrutineer, Tadhg O’Shea, Ali Rashid Al Raihe

5.45pm: Maiden (D); Dh150,000; 1,600m
Winner: Yulong Warrior, Richard Mullen, Satish Seemar

6.20pm: Maiden (D); Dh150,000; 1,600m
Winner: Ejaaby, Jim Crowley, Doug Watson

6.55pm: Handicap (D); Dh160,000; 1,600m
Winner: Storyboard, Richard Mullen, Satish Seemar

7.30pm: Handicap (D); Dh150,000; 2,200m
Winner: Grand Dauphin, Gerald Mosse, Ahmed Al Shemaili

8.05pm: Handicap (T); Dh190,000; 1,800m
Winner: Good Trip, Tadhg O’Shea, Ali Rashid Al Raihe

The biog

First Job: Abu Dhabi Department of Petroleum in 1974  
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work

Ain Dubai in numbers

126: The length in metres of the legs supporting the structure

1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch

16 A380 Airbuses: The equivalent weight of the wheel rim.

9,000 tonnes: The amount of steel used to construct the project.

5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place

192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.

The specs
Engine: 2.0-litre 4-cyl turbo

Power: 201hp at 5,200rpm

Torque: 320Nm at 1,750-4,000rpm

Transmission: 6-speed auto

Fuel consumption: 8.7L/100km

Price: Dh133,900

On sale: now 

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The%20US%20Congress%2C%20explained
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ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
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Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home. 

Updated: June 20, 2023, 10:00 PM