Ukraine needs 411 bn for reconstruction, recovery: World Bank
March 22, 2023 08:55 PM
Ukraine's needs for reconstruction and recovery have grown to $411 billion, just over a year since Russia's invasion of the country, the World Bank said on Wednesday.
The assessment, made jointly by Ukraine's government, the World Bank, the European Commission and the United Nations, also expects Kyiv to require "$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 on 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 defense forces release them, authorities will start restoration work in these territories, he said.