KYIV. June 21, 2023. UNN. On Tuesday, the European Commission unveiled a new multi-billion-euro project to help rebuild Ukraine, the first major economic grouping to outline an estimate of a multi-year funding plan, as reported by UNN with reference to Politico. 


As stated by the World Bank, the United Nations and the European Commission, at least 411 billion US dollars are now needed to rebuild Ukraine: this figure only grows as long as the war continues. The publication notes that the Marshall Plan, being adjusted for inflation, is a package of loans and grants that provides less than a third of what Ukraine needs. In addition, the scale of financing is constantly growing. 

Recently, the European Commission announced a new aid plan: up to 50 billion euros of financial support for Ukraine. In addition, the Commission is also negotiating with the European Investment Bank upon the EU budget guarantees to finance another EUR 100 million in loans to Ukraine. Brussels will control the process of provided fund distribution. 

According to the Commission’s proposal made public on Tuesday, the Ukrainian government should prepare a so-called Ukraine plan detailing its vision of rebuilding the country in compliance with the EU standards. Costs will be paid on a quarterly basis, subject to fulfillment of terms is conditions. 

Another question is whether russian assets, including the russian Central Bank’s frozen $300 billion in reserves, should be used in order to finance reconstruction of Ukraine. Reporters believe that this issue could become the next large challenge for the EU.

Leave a Reply

Your email address will not be published. Required fields are marked *