Even before the devastating breach of the Kakhovka dam this month, Ukraine's infrastructure had been devastated. Now Kyiv's allies are gathering in a show of support.Delegates were in London on Wednesday for a donor conference to help Ukraine repair damage inflicted by Russia's war of aggression.

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The scale of devastation is enormous, with some experts saying Ukraine needs the equivalent of the Marshall Plan that helped rebuild Europe after World War II.

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UK Prime Minister Rishi Sunak opened the conference as co-host with Ukrainian President Volodymyr Zelenskyy, who appeared remotely.

Sunak emphasized the need for greater private investment, something that he hoped could be encouraged with a new framework to insure companies against war risks.

"Before this terrible war, Ukraine's economy was becoming a huge investment opportunity," said Sunak. "The truth is that opportunity is still there today. In fact, the war has only proved how much Ukraine has to offer."

What is happening at the conference?

The International Ukraine Recovery Conference 2023 is the second to be held since Russia invaded Ukraine in February last year.

More than 1,000 representatives from 61 countries, including private investors, are attending.

US Secretary of State Antony Blinken is among those set to make an appearance, as well as European Commission President Ursula von der Leyen, and German Foreign Minister Annalena Baerbock.

Before the event, Baerbock noted that the challenge was even greater after the destruction of the Kakhova dam, which has flooded large swaths of land along the lower Dnieper River.

Germany was ready to provide "massive new humanitarian aid ready to the families worst affected by destruction, flooding, and displacement," Baerbock said, promising a "reconstruction offensive."

The US secretary of state was expected to announce a new package from Washington at the fundraising forum assistance.

On Tuesday, the European Commission asked member states to back a €50 billion ($55 billion) package to support Ukraine over the next four years.

What will it all cost?

At the first conference, held in Lugano, Switzerland, in July last year, Ukraine's allies committed to supporting the country through an expensive and decades-long recovery.

Ukrainian Prime Minister Denys Shmygal told them the cost of rebuilding could reach $750 billion — or even more.

A more recent study by the World Bank, the UN, the European Union and the Ukrainian government placed the estimate for the wider recovery of the economy at $441 billion.

In terms of immediate needs, the World Bank estimates Ukraine needs $14 billion to repair the damage caused by the fighting.

rc/sms (dpa, AFP, AP, Reuetrt)

(The above story first appeared on LatestLY on Jun 21, 2023 02:00 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).