EU's Dombrovskis claims Ukraine needs €500-€600 Bn for redevelopment of destroyed infra

Amid the escalating tensions between Russia and Ukraine, a top European Commission official stated that Ukraine requires around €500 billion-€600 billion in funding for redevelopment purposes. European Commission Executive Vice President Valdis Dombrovskis on Wednesday, May 11, committed that the bloc will disburse a "large" part of it, Politico reported. Valdis Dombrovskis further stressed that the effort will require the cooperation of the international community and the European Union. 

According to Valdis Dombrovskis, European Union is ready to coordinate with the international community to help Ukraine in redevelopment. He stated that the EU will give "large and very meaningful support" to Ukraine for assisting the country in redevelopment activities to recover from the aftermath of the ruthless Russian invasion, as per Politico. Dombrovskis added that a proposal will be introduced later in May that will help to "link the support" for the redevelopment of infrastructure with structural reforms which war-torn Ukraine might require "as an EU candidate country." Notably, European Union has also been working on a solidarity trust fund for Ukraine. 

Josep Borrell proposes to use Russian assets for reconstruction of Ukraine 

Earlier on May 9, the European Union's Foreign Policy Chief Josep Borrell had proposed the seizure of frozen Russian foreign exchange reserves to cover the expenses of rebuilding embattled Ukraine. While speaking to the Financial Times, Josep Borrell, the EU’s top diplomat, emphasised how the United States used the frozen money of Afghanistan to pay the compensation to the victims of terrorism and for humanitarian aid for the war-ravaged country. He stressed that it sounds logical to utilise the Russian money for rebuilding the war-torn country which witnessed massive destruction due to the ongoing war. He further stressed that "someone" needs to explain why the decision is "good for Afghanistan money and not for Russian money," as per the Financial Times report. 

90% of buildings destroyed in Mariupol: Zelenskyy

It is pertinent to mention here that the ongoing war between Russia and Ukraine has resulted in deaths and massive infrastructural damage in the war-torn nation. Ever since the onset of the invasion on February 24, several EU countries have been providing financial and military assistance to Ukraine and have been imposing embargoes against Russia. The hostilities between two warring nations has resulted in people fleeing their homes in Ukraine and moving to other nations to escape the war. Ukrainian President Volodymyr Zelenskyy, in his address to the Parliament of Malta, stated that 90% of the buildings in Ukraine's Mariupol have been destroyed. It is pertinent to note here that Mariupol has been besieged since the early days of the conflict between Russia and Ukraine. 

Image: AP