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Updated August 12th, 2022 at 07:42 IST

German chancellor says rebuilding Ukraine will be marshal plan; to 'cost billions'

“The damage is dramatic, it will cost billions and will require the entire global community to develop reasonable solutions,” German chancellor Scholz said.

Reported by: Zaini Majeed
Olaf Scholz
IMAGE: AP | Image:self
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Germany on Thursday announced that it is planning to host an international conference in Berlin in October to discuss the reconstruction of war-torn Ukraine after Russia’s military actions wreaked havoc and widespread destruction on Ukrainian soil. German Chancellor Olaf Scholz, who will chair the Group of Seven most industrialized countries, said that he will co-host the event with European Commission President Ursula von der Leyen to lay out a plan to rebuild the Ukrainian towns and its damaged infrastructure, three people familiar with the matter told Bloomberg. 

“The damage is dramatic, it will cost billions and will require the entire global community to develop reasonable solutions,” Scholz said at a briefing. “It will be a big, big task that has little to do with the Marshall Plan. It will be bigger.”

European Union (EU) has been trying to draft a mechanism that would allow the use of confiscated Russian assets to be used for the reconstruction of Ukraine. Ursula von der Leyen, president of the European Commission, said at a presser that the new provision will restore justice as it would make Russia foot the bill for the widespread destruction that its forces have wreaked on Ukrainian soil. Furthermore, she said that the EU is seeking to use assets of the Russian government and Russian oligarch's money for reconstruction efforts in the war-torn nation. Earlier, in order to felicitate rebuilding efforts in the aftermath of a war, Ukraine had also proposed to build three-tier offices dedicated to restoration tasks in Washington, Brussels, London and other cities. 

'Damage is dramatic'

In its effort to assist Ukraine in rebuilding, Germany has planned the date of October 25 to gather experts and representatives from the European Union, G-7 and international organizations who will convene in Berlin to adopt a framework. The 27-nation bloc will also discuss the financial assistance for the reconstruction effort a large volume of which might surpass 500 billion euros ($517 billion) pledged previously. It will be a subject of debate among the EU member states to reach a consensus. EU also held an international donor conference in the Swiss city of Lugano in July to find ways to raise this funding. 

President of Ukraine, Volodymyr Zelenskyy, had stated that rebuilding Kyiv is the "common task of the whole democratic world" and that doing so will promote international peace. "Reconstruction of Ukraine is the biggest contribution to the support of global peace," the Ukrainian President said as he addressed the Ukraine Recovery Conference in Lugano, southern Switzerland, virtually last month. Ukrainian Prime Minister Denys Shmyhal meanwhile stated that Ukraine needs $750 billion for a three-stage recovery plan. 

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Published August 12th, 2022 at 07:41 IST

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