Post-war reconstruction of Ukraine could cost € 1 trillion – EIB

Ukraine’s post-war reconstruction could cost €1 trillion, or $1.1 trillion, to be allocated as foreign aid, Bloomberg reported with reference to the head of the European Investment Bank Werner Hoyer.

“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” in Ukraine,” said Werner Hoyer.

In his opinion, Europe “will have to play the biggest role” in the process of Ukraine’s reconstruction.

This figure will be announced when EU leaders meet on June 23-24 in Brussels to discuss Ukraine’s reconstruction plan and its application for membership in the EU.

Earlier the European Commission approved the Plan of reconstruction of Ukraine. In the coming days, the European Union will finally determine the details of the financial package for Ukraine for €9 billion, the allocation of which was discussed earlier.

GMK Center also reported that the G7 member states want to initiate financial support to Ukraine in the amount of almost €30 billion by the end of the year. At the same time, they agreed to strengthen sanctions against Russia and, thus, Russia’s economic and political isolation, as well as to continue supplying arms to Ukraine.