The European Commission has introduced a new mechanism called Rebuild Ukraine, which will be the main tool for rebuilding Ukraine after the war. They emphasize that the financial and humanitarian support and reconstruction of Ukraine require a lot of effort from the international community and the EU is ready to play its role in this.
This was reported by the press service of the European Commission.
The EU notes that while the war is going on, it is impossible to estimate the exact amount of funds needed. But we need to create an appropriate mechanism now. Efforts to rebuild Ukraine will be made by the Ukrainian authorities in close cooperation with the EU and other parties, including the G7 and G20. Partnerships between individual cities and oblasts in Ukraine and the same in the European Union will also facilitate this and accelerate recovery.
The platform will be co-chaired by the European Commission and the Government of Ukraine, which will be responsible for approving the recovery plan. Under this plan, the EU and other partners will then select priority areas and develop specific projects. At the same time, the platform will coordinate sources of funding and the allocation of funds.
The money fund will be included in the EU budget, which will allow the European Union to monitor the transparency and accountability of the funds spent. The allocation of funds will focus on reforms in the rule of law and the fight against corruption, and investment and recovery will be based on EU norms, which will make Ukraine stronger and more resilient than before the Russian invasion.