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World Bank: Ukraine to Need $486 Billion for Reconstruction Over Next 10 Years

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Photo: World Bank: Ukraine to Need $486 Billion for Reconstruction Over Next 10 Years. Source: Collage The Gaze \ by Leonid Lukashenko
Photo: World Bank: Ukraine to Need $486 Billion for Reconstruction Over Next 10 Years. Source: Collage The Gaze \ by Leonid Lukashenko

The overall cost of reconstruction and recovery in Ukraine following the full-scale invasion by Russia is estimated at $486 billion over the next decade. This conclusion was reached by experts from the World Bank, the European Commission, the United Nations, and the Ukrainian government, according to a statement on the World Bank's website.

The report notes that direct damages since Russia's full-scale invasion of Ukraine on February 24, 2022, until December 31, 2023, have amounted to nearly $152 billion. The most affected sectors include residential housing, transportation, trade and industry, energy, and agriculture. The greatest damage is concentrated in the Donetsk, Kharkiv, Luhansk, Zaporizhzhia, Kherson, and Kyiv regions.

"Ten percent of the housing stock in Ukraine has been damaged or destroyed, leading to prolonged displacement of Ukrainians from their communities," the report states.

The report indicates that the highest expenditures for reconstruction and modernization are in residential construction, accounting for 17% of the total needed for the country's recovery. This is followed by the transportation sector at 15%, commercial and industrial sectors at 14%, agriculture at 12%, energy at 10%, social protection and livelihoods at 9%, and explosive hazard management at 7%. Additionally, in all these sectors, expenses for debris clearance and work, including the dismantling of damaged structures, amount to nearly $11 billion.

According to Ukrainian government estimates, Ukraine will need approximately $15 billion for urgent priority measures for reconstruction and recovery in 2024 alone, both at the national and local levels. Special emphasis should be placed on supporting and mobilizing the private sector, as well as on rebuilding housing, social infrastructure and services, energy, and transportation.

"We see that over the past year, the needs for recovery have continued to grow. The main resource for Ukraine's recovery should be the confiscation of Russian assets frozen in the West. We must start this process this year. At the same time, the Ukrainian government is creating conditions to attract private investments that will accelerate the reconstruction process and transform our country on the path to the EU," said Ukrainian Prime Minister Denys Shmyhal.

The World Bank report also notes that the destruction of the Kakhovska Hydroelectric Power Plant dam in June 2023 has led to significant adverse consequences for the environment and agriculture, as well as exacerbating the problems already faced by people trying to access housing, water, food, and medical services.

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