EU launches new fund to rebuild Ukraine - Ursula von der Leyen
Photo: European Commission President Ursula von der Leyen (Getty Images)
European Commission President Ursula von der Leyen announced a new fund for the reconstruction of Ukraine, which she called the largest equity fund in the world to support the war-torn country, reports Euronews.
"I am pleased to announce today the European flagship fund for the reconstruction of Ukraine - the largest equity fund globally to support reconstruction," von der Leyen said.
The fund will be created in cooperation with Germany, France, Italy, Poland, and the European Investment Bank.
"It will kickstart investment in energy, transport, critical raw materials, dual-use industries. We are literally taking a stake in Ukraine's future by leveraging public money, to bring large-scale private sector's investments, and help rebuild of the country," the EU Commission chief added.
Ukraine Recovery Conference
The Ukraine Recovery Conference is an international platform for discussing priorities, strategies, and financing for Ukraine's post-war recovery.
It brings together representatives of governments, international organizations, business, and civil society. Key topics include energy, infrastructure, digital transformation, reforms, support for small businesses, and transparency in the use of aid.
On July 8, President Volodymyr Zelenskyy approved the composition of the Ukrainian delegation to attend the recovery conference in Rome.
Ukraine's recovery programs
President Zelenskyy said that Ukraine's reconstruction could take place with a coalition of international partners, similar to the Marshall Plan. It would promote economic growth and infrastructure modernization.
US special envoy for Ukraine Keith Kellogg also mentioned the Marshall Plan. He said that international partners should help Ukraine rebuild after the war by introducing a new Marshall Plan for it.
According to the National Bank of Ukraine, the likelihood of a large-scale reconstruction plan for Ukraine in the same format being implemented quickly is still less than 15%. The NBU did not even include this scenario in its basic macroeconomic forecast.
