Ekaterina Girnyk18:21, 03/09/24
This is more than five times larger than the US-funded Marshall Plan, which fueled Europe’s industrial revival after Germany’s defeat.
The situation on the front line in Ukraine gives no indication of when and how the war might end. However, more and more companies are gradually increasing their investment presence in Ukraine, preparing to begin the recovery process .
According to Bloomberg , the European Investment Bank estimates that more than $1 trillion in public and private capital could be used to restore Ukraine. Adjusted for inflation, this is more than five times larger than the US-funded Marshall Plan, which fueled Europe’s industrial revival after Germany’s defeat.
As the publication writes, there is already a rough plan that gives an idea of how future recovery will take place.
Turkish companies are rebuilding bridges and roads, supplying power generators and mobile hospitals. In particular, the Turkish Onur Group is engaged in the repair of blown-up bridges, for example, in Irpen on the outskirts of Kiev. Also jointly with the South Korean company Samsung C&T Corp. Onur Group company built mobile hospitals in Ukraine. Ultimately, the company wants to resume the reconstruction of the Dnepr international airport and a number of highway projects. Istanbul-based Dogus Construction is rebuilding the three bridges with UK support and expects future reconstruction contracts worth “a couple of billion dollars”.
German and Austrian companies are planning the construction of enterprises in the fields of infrastructure and defense. Thus, in February, the giant Rheinmetall AG announced plans to create a plant in Ukraine to produce much-needed 155-mm artillery ammunition. An Austrian company, Waagner-Biro Bridge Systems , which produces modular steel trestles connecting rivers and valleys, has already started production at a plant in western Ukraine.
JPMorgan Chase & Co. is awaiting working groups for “pre-project planning”, and Denmark has so far donated 120 million euros ($130 million) to restore the Nikolaev shipbuilding hub.
Construction materials manufacturer Fixit has been building a new production site in western Ukraine since last year, and chemical company Bayer AG announced investments in seed production.
Given where the money will come from, American and European companies are likely to receive the lion’s share of contracts when they arrive, Bloomberg writes.
Post-war reconstruction of Ukraine – what you need to know
According to the World Bank, as of December 31, 2023, the total cost of recovery in Ukraine will be US$486 billion over the next decade. Ukrainian authorities estimate that in 2024 alone, the country will need about $15 billion for immediate recovery priorities at both the national and local levels.
Earlier it was reported that the US State Department together with the German Marshall Fund announced the creation of the Ukrainian Cities Partnership (UCP). This will help redesign and build sustainable, inclusive and strong cities in Ukraine .
(C)UNIAN 2024