Collateral

Rebuilding war-torn Ukraine will cost $349 billion – Report – ConsumerConnect

One of the buildings destroyed by Russian forces in Borodyanka, Ukraine Photo: BBC

* World Bank chief says Russia’s invasion of Ukraine continues to take a heavy toll, ranging from significant civilian casualties to the displacement of millions, widespread destruction of homes, businesses, buildings social institutions and economic activity in the country.

Isola Moses | ConsumerConnect

Rebuilding Ukraine after the devastation caused by the Russian invasion will cost around $349 billion, according to a report released last Friday.

However, the joint assessment of the Ukrainian government, the European Commission (EC) and the World Bank indicated that this figure, which in total represents 1.5 times the size of the Ukrainian economy, is considered a minimum and is expected to increase over the next few years. months that the war continues.

Russian President Vladimir Putin (l) and President Volodymyr Zelenkskyy (Ukraine)

The physical damage alone inflicted since the invasion in late February to June 1 has already totaled $97 billion, according to the report.

He also said: “The Russian invasion of Ukraine continues to take a heavy toll, from significant civilian casualties and the displacement of millions to the widespread destruction of homes, businesses, social institutions and the economic activity,” said Anna Bjerde, World Bank Regional Vice President for Europe and Central Asia.

Over the next 36 months, the report estimates that $105 billion will be needed to meet urgent needs such as restoring education and health systems and infrastructure, preparing for the coming winter through restoration heating and energy in homes, agricultural support and repair. vital transport routes.

Ukrainian Prime Minister Denys Shmyhal said reconstruction is already underway in the deoccupied territories but will require help from international partners.

“Only for the first stage, the rapid recovery, 17 billion dollars are needed, of which Ukraine already needs 3.4 billion dollars this year,” he said in a statement.

Allies have rushed to provide aid in the war-torn country, with the G7 and the European Union contributing $39 billion.

European Commission President Ursula von der Leyen said the EU had mobilized €10 billion “in funding, humanitarian, emergency and military aid for Ukraine and another €5 billion financing are in preparation.