$17 billion is needed for the quick recovery of Ukraine – Shmyhal

Ukraine will need $17 billion for the quick recovery from the consequences of the Russian invasion, said the Prime Minister of Ukraine, Denys Shmyhal, according to the results of the Ukraine-EU Association Council’s 8th meeting in Brussels, reports Interfax-Ukraine.

Our state will receive $3.4 billion already in 2022 from the required $17 billion, and the rest in 2023, the head of government said.

According to Denys Shmyhal, the Ministry of Community and Territorial Development, together with the World Bank, has already verified $326 billion in direct, physical damage from Russia’s aggression. $105 billion of them is the confirmed amount needed to restore various facilities.

According to the opinion of the European Investment Bank’s (EIB) head, Werner Heuer, Ukraine’s post-war reconstruction could cost €1 trillion, or $1.1 trillion, to be allocated as foreign aid. He made this assessment based on the extent of the destruction. According to the EIB’s head, Europe will have to play the biggest role in these efforts.

As GMK Center reported earlier, the National Recovery Plan envisages $750 billion of investments to attract in Ukraine in 10 years. About $6 billion to be allocated for the restoration and development of Ukrainian steel industry.