The EU Will Contribute €500 Bln to the Post-War Reconstruction of Ukraine

by Olha Povaliaieva
Sunday, July 4, 2022
The EU Will Contribute €500 Bln to the Post-War Reconstruction of Ukraine

2.000-page reconstruction project to be presented at the conference in Lugano

The plan for the rebuilding of the country was developed in the context of a war that destroyed the economy, shelled out cities, and turned millions of people into refugees. Tomorrow, Ukraine will submit a plan to mobilize funds for reconstruction for consideration by donor countries and organizations at the Lugano conference. Details are scarce, but it is known that the program will include projects regarding construction and security, investment climate, updates on energy resources, and the digital economy.

"European Union officials have said the 27-member bloc, which last month formally admitted Ukraine as a candidate, will contribute the bulk of overall financial assistance, a volume that could surpass €500 billion ($523 billion). The Ukrainian government thrashed out the draft with donors, including the EU, who will provide feedback over the coming months, the people said on condition of anonymity because the discussions were not public," Bloomberg.

Ursula von der Leyen will take part in the conference in Lugano. The president of the European Commission will present a database for donors in the reconstruction of Ukraine, the coordinator of which will be the EU. The largest donors so far have been the G7, Switzerland, Norway, and several other organizations.

"Von der Leyen's team is working on a concept paper as the basis for discussions in the bloc before any proposal is finalized, the people said," Bloomberg.

The Czech Republic took over the presidency of the EU in July. In November, the Czech Republic plans to organize a conference of donors who will use multiple financial instruments, practically tested by the US and the World Bank.

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