EU pledges massive aid as Ukraine seeks billions for rebuild
President of the European Commission Ursula von der Leyen promised billions of euros in aid from the European Union to Ukraine. During a conference held in Berlin on Ukraine's reconstruction, she announced that $2 billion in financial aid will soon be made available to the country.
10:03 AM EDT, June 11, 2024
The Head of the European Commission added that Kyiv would receive another $1.6 billion from the interest earned on frozen Russian assets in the West. These funds will be utilized in July.
Von der Leyen also responded to Ukraine's President Volodymyr Zelensky's request for assistance in the energy sector, which has been particularly affected by Russian attacks. According to the German portal Tagesschau, the EU has mobilized nearly $545 million for urgent repairs in this sector.
Kiev: we need billions
The extensive needs of Kiev were also discussed in Berlin by Ukrainian Prime Minister Denys Shmyhal.
Ukraine needs annually from $11 billion to $33 billion in investments over the next 10 years, the politician assessed.
"It is important for us that the support from our partners is predictable, rhythmic, and stable. We need reconstruction, access to foreign markets, and better logistics. We need foreign investments and technology transfers from our partners. Ukraine needs from $11 billion to $33 billion in annual investments over the next 10 years," Shmyhal wrote on Telegram.
The head of the Ukrainian government added that several programs aimed at stimulating the economy have been launched in Ukraine, which have already yielded positive effects. Last year, GDP grew by 5.3%. In the first four months of this year, it grew by 4.4%," noted Shmyhal. Ukraine's economy shrank by approximately 30% in the first year of the Russian invasion.
Shmyhal emphasized that after Russia's unprecedented attacks on Ukraine's energy system, this sector requires exceptional support. He noted that Ukraine needs to strengthen its air defense, acquire more energy equipment, simplify and expand electricity imports, and receive help in decentralizing the energy system.
