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Ukraine signs post-war reconstruction declaration with Germany

Ukraine signs post-war reconstruction declaration with Germany Christian Lindner (Getty Images)
Author: Maria Kholina

The Finance Ministries of Ukraine and Germany have signed a joint declaration of intent to strengthen bilateral cooperation in support of Ukraine's post-war recovery, citing Reuters.

German Finance Minister Christian Lindner emphasized that Berlin is not limiting the forms of support necessary for Ukraine to win the war.

"We want to contribute now so that Ukraine can set the course for future growth through its reconstruction," he said.

This support includes not only financial resources but also the creation of institutional capacity to support private companies in Ukraine and promote investment, Lindner added.

The declaration is not a treaty and does not create rights or obligations under international law.

The German Ministry of Finance has tasked the development bank KfW with assessing the implementation of a project that includes financial consulting to support the Ukrainian Ministry of Finance. The project may also support the Business Development Fund to make it an independent state financial institution focused on Ukrainian small and medium-sized enterprises (SMEs).

Berlin conference

The conference on Ukraine's recovery is taking place in Berlin on June 11-12. It has brought together government officials, international organizations, and business leaders. Similar meetings were held in Lugano in 2022 and in London in 2023.

Governments, executives, and investors are already preparing for a recovery program for Ukraine, which, according to the European Investment Bank, could amount to more than $1 trillion in public and private capital.

Adjusted for inflation, this is more than five times the scale of the American Marshall Plan, which funded the recovery of much of Europe after World War II.

In his speech at the conference, German Chancellor Olaf Scholz emphasized the importance of private capital in efforts to rebuild Ukraine.