'Reconstruction of Ukraine will be greatest contribution for global peace' says Zelenskyy

Volodymyr Zelenskyy, president of Ukraine, stated on July 4 that rebuilding his war-torn nation is the "common task of the whole democratic world" and that doing so will promote international peace. Zelenskyy claimed that Russia's war against Ukraine is not only an attempt to seize territory and destroy state institutions, but also a clash of world views. "Russia's anti-democratic and anti-European system is attempting to demonstrate that it is supposedly stronger than all of us: Ukraine, Europe, and the democratic world," he added.

"Reconstruction of Ukraine is the biggest contribution to the support of global peace," the Ukrainian President stated while addressing the Ukraine Recovery Conference in Lugano, southern Switzerland, virtually. "Russia's war against Ukraine is not only an attempt to seize our land and destroy state institutions, to break our independence. It is a worldview confrontation," he added.

Ukraine needs $750 billion for a three-stage recovery plan

Further, according to Ukrainian Prime Minister Denys Shmyhal, Ukraine needs $750 billion for a three-stage recovery plan in the wake of Russia's invasion. Additionally, Shmyhal stated at the Lugano Ukraine Recovery Conference that the invasion by Russia had directly cost the infrastructure of the country more than $100 billion.

He continued by saying that according to the Ukrainian government, assets seized from Russian oligarchs should serve as a major source of funding for the recovery plan. According to Shmyhal, Ukraine's recovery plan is divided into three phases: a first phase that is ongoing and focuses on fixing issues that are important for people's daily lives, such as water supply; a second phase that aims to transform the nation over a longer period of time; and a third phase known as "fast recovery", which will begin as soon as fighting is over.

EU to establish a platform for Ukrainian reconstruction

The European Union will establish a reconstruction platform to coordinate Ukraine's reconstruction following its war with Russia, said European Commission President Ursula von der Leyen on July 4. Von der Leyen stated at the Ukraine Recovery Conference in Lugano, Switzerland, that the platform will be used to map investment needs, coordinate action, and channel resources.

Countries, institutions, the private sector, and civil society will all be represented on the platform. International organisations such as the European Bank for Reconstruction and Development and the European Investment Bank will also be included.

Image: AP