Ukraine needs $411 billion to rebuild: WB
Ukraine needed $411 billion for reconstruction and recovery in just one year after the Russian invasion. The World Bank (WB) said it recently.
A joint assessment by the government of Ukraine, the World Bank, the European Commission, and the United Nations put the estimated reconstruction costs up from $349 billion in a report published in September.
In the latest assessment, Kyiv needs $14 billion to invest in urgent and priority reconstruction and recovery works by 2023.
According to the assessment, the government of Ukraine has already called for an additional 11 billion in financing beyond the 2023 budget to meet these needs.
Millions of people have been displaced since Russia’s invasion of Ukraine began in February 2022, and the war has driven up global food and fuel prices.
‘Electricity infrastructure, housing, emergency infrastructure, economy and humanitarian disaster are our five priorities for this year,’ Ukrainian Prime Minister Denys Shmygal said in a statement.
He also said that some parts of the reconstruction have already been completed.
But Chamigal cautioned, ‘Current estimates of damage and recovery needs do not include information on damage to infrastructure, housing and businesses in the occupied territories.’
But $411 billion is needed for 2022, which is 2.6 times the country’s estimated gross domestic product.
WB Vice President for Europe and Central Asia Anna Bjerde said the most anticipated needs are in transportation, followed by housing and electricity. Reconstruction of Ukraine ‘will take years’.
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