March 22, 2023

Ukraine needs $411bn for reconstruction, recovery – World Bank

Ukraine needs $411bn for reconstruction, recovery – World Bank

By Biodun Busari

The World Bank has disclosed that the war-beleaguered Ukraine needs $411 billion for reconstruction and recovery as Russia’s invasion over a year mounts a plethora of destruction.

The assessment was jointly made by Ukraine’s government, the World Bank, the European Commission and the United Nations on Wednesday.

According to the Alarabiya report, Ukraine also expects “$14 billion for critical and priority reconstruction and recovery investments in 2023.”

Meeting these needs will call for $11 billion in financing beyond what Ukraine’s government has already addressed in its 2023 budget, according to the assessment.

Russia’s invasion of Ukraine in late February 2022 has displaced millions of people, and global food and energy prices surged in the fallout from the war.

“Energy infrastructure, housing, critical infrastructure, economy and humanitarian demining are our five priorities for this year,” said Ukraine Prime Minister Denys Shmygal in a statement.

He added that part of the reconstruction work has already been done.

But Shmygal warned that “the amount of damage and recovery needs currently does not include data on the loss of infrastructure, housing and businesses in the occupied territories.”

When the defence forces released them, authorities will start restoration work in these territories, he said.