Thousands of Ukrainian schools have been reduced to rubble, hundreds of thousands of homes have been destroyed, Russian bombs have fallen on factories, power plants and railway stations. With its war of attrition, Russia wants to bring Ukraine to its knees and to prevent a free and economically strong Ukraine from existing alongside Putin’s isolated and corrupt regime.

Together with Development Minister Svenja Schulze, I will make it clear at the Ukraine Recovery Conference in London that Germany’s support is rock solid: today, tomorrow and the day after tomorrow. For to ensure lasting peace, it is not enough for Ukraine to win the war – we want it to become part of the European peace and prosperity project. That is in our own best interest.

We will therefore respond to Putin’s blind destructive fury with a reconstruction offensive: in the short term, we are providing a huge volume of new humanitarian assistance in support of the families worst hit by destruction, flooding and displacement. In the medium term, we intend to contribute to the funding of the reconstruction. Above all, however, in the long term we want to help lay the groundwork for a flourishing Ukrainian economy fit for the future via the EU accession process.

The bare figures show the enormity of the reconstruction task: in 2022 alone, Ukraine lost 29 percent of its GDP and its inflation rate was up to 27 percent. The World Bank estimates that reconstruction will cost more than 400 billion US dollars for the next ten years.

Private-sector investment will therefore be especially important in the coming years to ensure sustained development. The fact that many German companies are still operating in Ukraine despite the war gives me hope. Every good delivered, every service provided, means jobs and some prospects for the future for the people of Ukraine. The German Government will continue to support them, for instance with national investment guarantees. It is therefore important that the UK is also hosting this conference as an investment fair for private-sector companies.