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Ukraine seeks $750 bn to rebuild country at Recovery Conference in Switzerland

Ukraine Recovery Conference
Participants pose for the official closing group photo during the Ukraine Recovery Conference URC, on July 5, 2022, in Lugano, Switzerland. Photo: KEYSTONE/EDA/Michael Buholzer
Ukraine seeks $750 bn to rebuild country at Recovery Conference in Switzerland
Article by: Olena Mukhina
Edited by: James Hydzik
The Ukraine Recovery Conference in Switzerland’s Lugano gathered together representatives of 58 international delegations, representatives from the private sector, and civil society to find joint solutions on 4-5 July. During it, Ukraine presented a plan for restoring Ukraine’s infrastructure from damage caused by Russia’s war, estimated the damage at $750 bn, and the EU announced the creation of a fund and a platform to guide the reconstruction.

Guarantees and payments

During the Ukraine Recovery Conference, Ukraine announced two main tasks: to create an international system of security guarantees for Ukraine and to sign an international treaty that would create a mechanism of compensation that will make Russia pay for its illegal actions.

The Head of the President’s Office, Andriy Yermak, welcomed Canada’s law allowing the confiscation of public and private assets whose owners are related to violations of international law and human rights. He urged other countries to take similar steps.

“This recovery, I emphasize once again, should be paid for by the guilty state, the criminal state, the terrorist state. But we cannot wait. We already have tens of thousands of destroyed homes today. Thousands of destroyed infrastructure facilities. Hundreds of destroyed schools and hospitals. Millions of homeless people. We need to rebuild the country right now,” he said.

Matthias Cormann, Secretary-General of the Organization for Economic Cooperation and Development OECD, Elizabeth Truss of the United Kingdom, Foreign, Commonwealth, and Development Secretary of the UK, Ukrainian Prime Minister Denys Shmyhal, Odile Renaud-Basso, President of the European Bank for Reconstruction and Development EBRD, Teresa Czerwinska, Vice President of the European Investment Bank, Valdis Dombrovskis, Executive Vice-President of the European Commission and Anna Bjerde, World Bank Regional Vice President for Europe and Central Asia, left to right, speak during a plenary session moderated by Yves Daccord, 2. right, during the Ukraine Recovery Conference URC, July 4, 2022, in Lugano, Switzerland. Photo: KEYSTONE/EDA/Michael Buholzer

An online platform for the recovery plan

At the conference, Ukraine unveiled its draft Recovery and Development Plan. As Ukraine’s government can’t fully implement the plan due to attacks from the Russian army, it is starting with what it can do. This includes restoration of the housing stock and accommodation of temporarily displaced persons. It also includes the reconstruction of educational and medical institutions and the reconstruction of critical infrastructure facilities.

The heads of delegation make their national statements during the Ukraine Recovery Conference URC, on July 5, 2022, in Lugano, Switzerland. Photo: KEYSTONE/EDA/Alessandro della Valle

Also, Ukraine is creating an online platform for the recovery plan. It includes a list of all construction and reconstruction objects with detailed information and planned funding amounts. As a result, any international investor or donor has access to this information.

Some countries have already taken patronage over the recovery of specific Ukrainian oblasts. Denmark is in focused on Mykolayiv Oblast, and The UK is ready to take care of Kyiv Oblast.

By the numbers

Ukraine currently estimates the recovery plan at $750 bn. The government intends to finance it from international grants, loans, and donations. In one step to rebuild the country, Switzerland and Ukraine signed an agreement on investment in projects for green restoration.

European Commissioner for Trade Valdis Dombrovskis announced in Lugano a new round of assistance to Ukraine from the EU totaling €9 bn. He stated that the EU will set up a strategic governance body called Ukraine Reconstruction Platform to coordinate the reconstruction. The Platform will help to monitor the progress of Ukraine’s Recovery and Reconstruction Plan. Furthermore, European Investment Bank proposed to create The EU-Ukraine Gateway Trust Fund with up to €100 bn ($104.3 bn) investment to help rebuild Ukraine, Reuters reported. The fund would seek to have an initial €20 bn in contributions from EU countries and the EU budget.

Ursula Von der Leyen, President of the European Commission, Swiss President Ignazio Cassis, and Ukrainian Prime Minister Denys Shmyhal, from right to left, take a walk during the Ukraine Recovery Conference URC, on July 4, 2022, in Lugano, Switzerland. Photo: KEYSTONE/EDA/Michael Buholzer

42 countries sign the joint declaration

The conference ended with the signing of a joint declaration by representatives from 42 countries and top international organizations. The representatives recognized the Recovery and Development Plan as an overarching framework. It will guide the recovery process. This includes coordinating multi-stakeholder participation and partnerships. The representatives also stated that they looked forward to engaging in refining and implementing the plan.

They condemned military aggression against Ukraine and urged Russia to withdraw its troops from Ukrainian territory without delay. In addition, the signatories confirmed their support for the establishment of a coordination platform between the Ukrainian government and its partners that will help to implement Ukraine’s Recovery and Development Plan.

Read the full declaration here.


Edited by: James Hydzik
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