The European Commission (EC) is preparing a €50-€60bn package to help support Ukraine’s National Plan to rebuild the country.
Addressing the Kyiv Investment Forum, EC president Ursula von der Leyen said Ukraine had the people and the determination to make the country a “hub of green industry and digital innovation”.
“The city of Kyiv is leading this effort to build a better future for Ukraine,” she said. “I have seen firsthand how the city is reimagining itself, as a dynamic, green and inclusive capital. Kyiv can also be an example for other Ukrainian cities, as well as for cities in the EU. We can learn so much from each other, and help one another – including through the ‘mayor’s platform’, which this forum brought to life last year.”
Von der Leyen continued: “Now, with the winter coming, we must all redouble our efforts in support of Ukraine. From healthcare and energy support to protecting Ukraine’s rich cultural heritage, every action matters. Europe stands with Ukraine, this winter, and all seasons to come.”
‘Unprecedented challenges’
Back in March, the World Bank estimated the cost of rebuilding Ukraine as in excess of €400bn. Earlier this month, meanwhile, the EC said it was setting up what it called a ‘Ukraine Facility’ to provide financial support to the nation between 2024 and 2027.
“The facility should cater both for short-term state and recovery needs and medium-term reconstruction and modernisation of Ukraine,” it explained at the time. “The facility is designed as a flexible instrument adapted to the unprecedented challenges of supporting a country at war and ensuring predictability, transparency, and accountability of the funds.”
The scheme is built around three pillars: financial support through loans and grants; a ‘Ukraine Investment Framework’ to attract private and public investment in the country’s recovery and reconstruction; and technical assistance and other supporting measures.
The EC is not the only source of help to Ukraine recently to have made an announcement. Earlier in the month, according to Ukrinform, the Finnish minister of foreign trade and development said it was preparing a reconstruction plan for Ukraine. The plan, it was reported, will be delivered by the end of the year.
