Bloomberg learned about the contribution of the EU for €500 billion in terms of the restoration of Ukraine

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At the conference in Lugano, Ukraine will present a plan for the reconstruction of the country. Its implementation will require huge investments, President of Ukraine Volodymyr Zelensky said =”Bloomberg learned of €500bn EU contribution to Ukraine's recovery plan” />

The European Union's contribution to Ukraine's recovery plan could exceed €500bn, Bloomberg reported, citing unnamed EU officials .

On July 4, a conference on the restoration of Ukraine will begin in the Swiss city of Lugano, in which at least 40 countries and 20 international organizations will take part. One of the key participants in the event, according to SwissInfo, will be the World Bank. European Commission President Ursula von der Leyen will attend the conference, and Ukrainian President Volodymyr Zelensky will join via video link.

Ukraine at the conference will present a plan for the reconstruction of the country after the end of hostilities, which provides for a wide range of projects in the field of infrastructure and security, investments in climate and the digital economy, as well as in the diversification of energy resources.

The bulk of financial assistance, the volume which may exceed €500 billion, the European Union plans to contribute, writes Bloomberg. Kyiv has discussed the plan with potential aid donors, including Brussels, and feedback from them will be provided in the coming months, agency sources say.

According to Bloomberg, the European Commission is exploring various funding options, including grants and loans, but officials in the EU have refrained from giving details as the conflict in Ukraine continues.

The plan is being prepared by the National Council for the Reconstruction of Ukraine, created by President Volodymyr Zelensky. The council is led by Prime Minister Denys Shmygal and head of the presidential office Andriy Yermak. According to Ukrayinska Pravda, in addition to the list of investment projects, the plan includes, for example, government reform through the reduction of ministries from 20 to 12.

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Commenting on the upcoming conference in Lugano, Zelensky said that huge investments, technologies and experience are needed to restore Ukraine.

“This requires huge investments, billions, new technologies, best practices, new institutions, of course, reforms. Already on Monday, Ukraine will present in Lugano a national view on how to implement all this,— he said.

Denis Shmyhal said in April that after the end of hostilities, Kyiv would need $600 billion to restore infrastructure and develop a new economy. in $ 1 trillion, wrote the Focus edition.

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