This is the cost of restoring the country's destroyed infrastructure. Werner Hoyer stressed that Ukraine should not bear these costs alone
Rebuilding a devastated Ukraine could take trillions of euros, European Investment Bank (EIB) chief Werner Hoyer told Reuters in an interview.
EIB— financial and credit institution of the EU, established in 1958. Among the tasks of the bank is the promotion of a balanced development of the common market in the interests of the European Union. For example, the EIB provides loans for development projects in underdeveloped regions or for the modernization of enterprises.
According to him, if we talk about “rebuilding Ukraine”, then it will be “not about millions, but about trillions.” The size of the required amount was recently discussed at the UN, the International Monetary Fund (IMF) and the World Bank.
At the same time, Hoyer stressed that Ukraine should not be left alone with these expenses and the international community should provide it with significant support.
President Volodymyr Zelensky previously estimated the cost of restoring his country's infrastructure and economy at $600 billion. At the same time, he promised to create an attractive investment climate for foreign companies. He also called on the countries of the world to take patronage over the Ukrainian regions, cities and industries that suffered during the hostilities in order to ensure their full recovery.
Kyiv is preparing a massive plan to rebuild Ukraine, Zelensky said, but that would also require an international plan “which would be the modern counterpart of the historic Marshall Plan.” (a plan to help Europe after the Second World War). British Prime Minister Boris Johnson also compared the plan to rebuild the country with the “Marshall Plan”.
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At the end of March, the EU announced the creation of a trust fund for solidarity with Ukraine, inviting international partners to participate. The union promised to provide assistance to the country even after the end of hostilities in order to contribute to its restoration.
The head of EU diplomacy, Josep Borrell, suggested considering the withdrawal of Russia's frozen foreign exchange reserves to help pay for the costs of restoring Ukraine. The Russian Foreign Ministry called this idea “complete lawlessness and destruction of the foundations of international relations.” According to Deputy Minister Alexander Grushko, if Brussels takes such a step, it will undermine confidence in the financial system of Europe and the West in general.
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