UK backs £26m loan to rebuild Ukrainian bridges

Destroyed bridge over the Irpin River on the M-06 Kyiv-Chop highway in Kyiv Oblast (President of Ukraine/CC0 1.0/Public domain)
The UK’s export credit agency, UK Export Finance (UKEF), has agreed to issue a buyer credit loan guarantee worth £26.3m that allows the Ukrainian government to to start rebuilding six bridges near Kyiv.

The guarantee lets Ukraine access financing from Citi, thereby unlocking funds for Kyiv Oblast’s Road Service to reopen supply routes.

UK manufacturers are expected to supply steel components, materials, and design services to principal contractors Onur Group and Doğuş.

The support was announced during the Ukraine Recovery Conference in London on 21-22 June.

“It is vital that we help Ukraine repel Putin’s invasion and return as a more prosperous, more resilient economy,” said UK business and trade minister Nusrat Ghani. “Export credit is one part of over £4.7bn in non-military assistance which the UK has provided to Ukraine, and the backing of UK Export Finance is another step towards recovery.”

Ukrainian finance minister Sergii Marchenko said: “Russia’s war against Ukraine has caused enormous damage to Ukraine’s infrastructure. The UK Government’s financial support for restoring these bridges is a significant contribution to the Ukrainian government’s recovery efforts.

“It will help to accelerate trade turnover, thereby creating better conditions for business development since Kyiv serves as the nation’s important logistics hub. It moreover fosters a conducive environment for Ukrainians to return home to, which is vital for the sustained operation of the country’s economy and its further recovery.”

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