The European Commission has offered to finance almost half of Ukraine’s needs until 2027 in the amount of 50 billion euros, the organization’s president Ursula von der Leyen said Wednesday at a donors’ conference in London.
Until 2027, Ukraine’s remaining budget deficit is about 60 billion euros, which, adding to the needs of a quick recovery of about 50 billion euros, makes the 110 billion euros needed until 2027, the official said.
“I invited EU member states [União Europeia] to cover 45% of this shortfall, amounting to a total of 50 billion euros for Ukraine. We will work with Ukraine on an appropriate investment and reform plan. This plan could also become an anchor for all international donors, including the private sector,” he told the participants.
Von der Leyen is said to have unveiled on Tuesday the creation of a new facility for Ukraine, funded by grants from the EU budget, capital market borrowing and proceeds from frozen Russian assets.
“We will submit a proposal for these assets before the summer holidays,” he promised during a speech at the opening of the International Conference on the Reconstruction of Ukraine (URC 2023), which takes place in the British capital from Wednesday to Thursday.
The President of the European Commission also released new oral information on Ukraine’s progress towards EU membership in terms of judicial reform, fight against corruption, new laws for the media and national minorities.
“This report shows that the goal is close and that we will work with Ukraine to cross the finish line. And with these reforms, Ukraine is also sending a strong signal to private investors: they will have transparency, fairness and functioning institutions, they need to invest in Ukraine,” he stressed.
URC 2023 has more than a thousand registered participants from at least 60 countries, of which about 40 are at the ministerial level, as well as leaders of international organizations, civil society representatives and business leaders.
In 2023 alone, the World Bank estimates that Ukraine will need $14 billion (€12.6 billion) for critical and priority reconstruction and recovery investments.
At the URC 2022 summit held in Lugano, Switzerland, the government of Ukraine presented a 10-year “Ukraine National Recovery Plan” worth $750 billion.
Author: Portuguese
Source: CM Jornal
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