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
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.
Kat Wightman's tips on how to create zones in large spaces
- Area carpets or rugs are the easiest way to segregate spaces while also unifying them.
- Lighting can help define areas. Try pendant lighting over dining tables, and side and floor lamps in living areas.
- Keep the colour palette the same in a room, but combine different tones and textures in different zone. A common accent colour dotted throughout the space brings it together.
- Don’t be afraid to use furniture to break up the space. For example, if you have a sofa placed in the middle of the room, a console unit behind it will give good punctuation.
- Use a considered collection of prints and artworks that work together to form a cohesive journey.
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Company%20Profile
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Brief scores:
Huesca 0
Real Madrid 1
Bale 8'
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Sweet%20Tooth
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Coming soon
Torno Subito by Massimo Bottura
When the W Dubai – The Palm hotel opens at the end of this year, one of the highlights will be Massimo Bottura’s new restaurant, Torno Subito, which promises “to take guests on a journey back to 1960s Italy”. It is the three Michelinstarred chef’s first venture in Dubai and should be every bit as ambitious as you would expect from the man whose restaurant in Italy, Osteria Francescana, was crowned number one in this year’s list of the World’s 50 Best Restaurants.
Akira Back Dubai
Another exciting opening at the W Dubai – The Palm hotel is South Korean chef Akira Back’s new restaurant, which will continue to showcase some of the finest Asian food in the world. Back, whose Seoul restaurant, Dosa, won a Michelin star last year, describes his menu as, “an innovative Japanese cuisine prepared with a Korean accent”.
Dinner by Heston Blumenthal
The highly experimental chef, whose dishes are as much about spectacle as taste, opens his first restaurant in Dubai next year. Housed at The Royal Atlantis Resort & Residences, Dinner by Heston Blumenthal will feature contemporary twists on recipes that date back to the 1300s, including goats’ milk cheesecake. Always remember with a Blumenthal dish: nothing is quite as it seems.
Barbie
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The specs: 2019 Mercedes-Benz C200 Coupe
Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km
Results
2.30pm: Park Avenue – Conditions (PA) Dh80,000 (Dirt) 2,000m; Winner: Rb Seqondtonone, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)
3.05pm: Al Furjan – Maiden (TB) Dh82,500 (Turf) 1,200m; Winner: Bosphorus, Dane O’Neill, Bhupat Seemar
3.40pm: Mina – Rated Condition (TB) Dh105,000 (D) 1,600m; Winner: Royal Mews, Tadhg O’Shea, Bhupat Seemar
4.15pm: Aliyah – Handicap (TB) Dh87,500 (T) 1,900m; Winner: Ursa Minor, Ray Dawson, Ahmad bin Harmash
4.50pm: Riviera Beach – Rated Conditions (TB) Dh95,000 (D) 2,200m; Winner: Woodditton, Saif Al Balushi, Ahmad bin Harmash
5.25pm: Riviera – Handicap (TB) Dh2,000 (T) 2,000m; Winner: Al Madhar, Antonio Fresu, Musabah Al Muhairi
6pm: Creek Views – Handicap (TB) Dh95,000 (T) 1,400m; Winner: Al Salt, Dane O’Neill, Erwan Charpy
THE DETAILS
Solo: A Star Wars Story
Dir: Ron Howard
Starring: Alden Ehrenreich, Emilia Clarke, Woody Harrelson
3/5
