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Ukraine Reconstruction To Cost More Than $1 Trillion

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Ukraine Reconstruction To Cost More Than $1 Trillion

The head of the European Investment Bank has estimated that it will take more than $1 trillion (£824 billion) to rebuild Ukraine.

Since Russian President Vladimir Putin first sent troops across the border into Ukraine on 24 February, around 212 educational facilities from nurseries to schools and universities have been destroyed, with around 1,849 severely damaged as of 24 June.

Ukrainian officials reported last month that roughly 500 hospitals, 500 factories, 50 rail and 300 car bridges as also being lost as a result of Russian attacks.

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It has since been estimated that the damage could require other countries to give aid totalling $1.1 trillion to help get the country back on its feet.

The head of the European Investment Bank has estimated it will cost $1.1 billion to rebuild Ukraine. Credit: Alamy
The head of the European Investment Bank has estimated it will cost $1.1 billion to rebuild Ukraine. Credit: Alamy

Werner Hoyer, who is the chief of the European Investment Bank (EIB) - the lending arm of the European Union - announced the estimation at a press briefing in Frankfurt.

He said: "I’ve put the trillion out there because I saw figures in the public space that I consider completely unrealistic when I look at the level of destruction."

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Hoyer also added that he believes Europe 'will have to play the biggest role' in helping to support the rebuild of Ukraine.

Hoyer believes Europe will 'have to play the biggest role' in helping support the rebuild of Ukraine. Credit: Alamy
Hoyer believes Europe will 'have to play the biggest role' in helping support the rebuild of Ukraine. Credit: Alamy

Ukraine's reconstruction plan was discussed by EU leaders in Brussels on Thursday 23 June and Friday 24 June.

A press release by the European Council announced a proposal would soon be presented by the Commission 'to grant Ukraine new exceptional macro-financial assistance of up to EUR 9 billion in 2022'.

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"It calls on the Commission to swiftly present its proposals on EU support for the reconstruction of Ukraine, in consultation with international partners, organisations and experts," it continued.

The press release from the meeting reflected: "The European Council discussed the Russian war of aggression against Ukraine in its different dimensions. The European Council reiterates that it firmly stands with Ukraine and that the European Union will continue to provide strong support for Ukraine’s overall economic, military, social and financial resilience, including humanitarian aid.

"The European Council resolutely condemns Russia’s indiscriminate attacks against civilians and civilian infrastructure, and urges Russia to immediately and unconditionally withdraw all its troops and military equipment from the entire territory of Ukraine within its internationally recognised borders.

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"International humanitarian law, including on the treatment of prisoners of war, must be respected."

The meeting resulted in Ukraine officially being given European Union candidate status.

The EIB is set to reassign between $1 billion and $1.5 billion to Ukraine. Credit: Alamy
The EIB is set to reassign between $1 billion and $1.5 billion to Ukraine. Credit: Alamy

Ukraine's reconstruction effort is also set to be directly supported by the EIB.

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Between $1 billion and $1.5 billion is expected to be reassigned and used to help with efforts to rebuild the country.

If you would like to donate to the Red Cross Emergency Appeal, which will help provide food, medicines and basic medical supplies, shelter and water to those in Ukraine, click here for more information 

Featured Image Credit: Alamy

Topics: News, Ukraine, Russia, World News, Money

Poppy Bilderbeck
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