The European Investment Bank will present the plan at a conference in Lugano, after which the EU countries will decide whether they want to invest. In May, the EIB estimated the cost of restoring Ukraine after the Russian special operation at trillions of euros alt=”European Investment Bank will raise €100 billion to restore Ukraine” />
Building of the European Investment Bank in Luxembourg
The European Investment Bank is using a mechanism previously used to help fight the coronavirus pandemic to provide €100 billion in aid to Ukraine, Reuters writes, citing the document.
The fund, which will be called the EU-Ukraine Gateway Trust Fund (E-U GTF), at the initial stage of its existence will need €20 billion in the form of grants, loans and guarantees from the countries of the union and the EU budget for small and medium-sized companies that will be engaged in infrastructure projects. Thanks to the multiplier effect, the total cost of such projects will reach €100 billion— this, according to the bank, is about half of Kyiv's most urgent needs today.
The plan is expected to be presented on Monday at the Ukraine Reconstruction Conference in Lugano, Switzerland. It must be approved by most EU countries, after which each of them will decide whether to donate funds to the fund. The collected money can be spent on the restoration of bridges, sewers, digital and energy infrastructure of the country, Reuters notes.
Earlier, Bloomberg reported that the EU contribution to the implementation of the plan to restore Ukraine could exceed &euro 500 billion According to the agency, the European Commission is exploring various funding options, including grants and loans. Kyiv should present the plan at the conference in Lugano. It includes projects in infrastructure, security, climate, digital economy and energy.
The EIB in May estimated the restoration of Ukraine destroyed by hostilities at trillions of euros. The head of the bank, Werner Hoyer, called on the international community to help Kyiv.
Ukrainian President Volodymyr Zelensky estimated the recovery of the country after the Russian special operation at $600 billion (about €575 billion).
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