BRUSSELS, May 11 — A top European official has backed a multi-trillion-euro ‘Marshall’-style plan to rebuild Ukraine, pledging the firepower of the EU’s lending arm for what he said must be a global rescue effort. Werner Hoyer, president of the European Investment Bank, said Europe must not...
BRUSSELS, May 11 — A top European official has backed a multi-trillion-euro ‘Marshall’-style plan to rebuild Ukraine, pledging the firepower of the EU’s lending arm for what he said must be a global rescue effort.
“What will it cost to rebuild, reconstruct Ukraine? Figures were flying around the room ... but one thing is quite clear to me: We are not talking about millions but trillions” said Hoyer, a former German foreign office minister under Chancellor Helmut Kohl following the fall of the Berlin Wall. The debate is unfolding against the backdrop of war in Ukraine and an increasingly tense stand-off between Moscow and Brussels, which has backed tough sanctions to isolate Russia.
Researchers from Economic Policy Research, a network of economists, estimate that the cost of rehabilitating Ukraine is already €500 billion-€600 billion — more than three times its annual economic output before the war.Local resident Viktoria Mukhina, 33, , prepares soil as she plant tulips near an apartment building damaged during Ukraine-Russia conflict in the southern port city of Mariupol, Ukraine April 4, 2022.
“I get a feeling that there will have to be a discussion with the Ukrainians about where the money coming from the West is best spent” said AXA Investment Managers’ Sailesh Lad.
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