Tag: #Denys Shmyhal

€453 Billion to Rebuild Ukraine

by James Wilson
The total cost of reconstruction and recovery in Ukraine in the next ten years is $486 billion (€452.8 billion), a new report says. This is up from $411 bn (€383 billion) estimated one year ago. This comes after almost two years of Russia's full scale invasion of Ukraine. This damage is the assessment by the Government of Ukraine, the World Bank Group, the European Commission, and the United Nations, all known as RDNA3. In 2024 alone, Ukrainian authorities estimate the country will need around $15 billion (€14 billion) for immediate reconstruction and recovery priorities at both the national and community level. The focus is on supporting and mobilizing the private sector alongside restoration of housing, soft infrastructure and services, energy, and transport. The RDNA3 highlights that while some $5.5 billion (€5.1 billion) of this funding has been secured, from both Ukraine's international partners and its own resources, about $9.5 billion (€8.9 billion) is currently unfunded. Prime Minister of Ukraine Denys Shmyhal said,"Despite the ongoing full-scale war, the Ukrainian government, with the support of international partners, continues to implement a rapid recovery programme. “The execution of the Third Rapid Damage and Needs Assessment (RDNA3) allows us to approach this process more systematically. We are grateful to the World Bank and other partners for this work. "We see that the needs for reconstruction have continued to grow over the past year. “The main resource for Ukraine's recovery should be the confiscation of Russian assets frozen in the West. We need to start this process already this year. “Concurrently, the Ukrainian government is creating conditions to attract private investments, which will accelerate the reconstruction process and transform our country on its path to the EU."

Photo by Robert Anasch on Unsplash The total cost of reconstruction and recovery in Ukraine in the next ten years is $486 billion (€452.8 billion), a new report says. This is up from $411 bn  (€383 billion) estimated one year ago. This comes after almost two years of Russia’s full scale invasion of Ukraine. This damage is the assessment…