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(Bloomberg) — Germany will host a foreign convention in Berlin in October on how to organize Ukraine’s reconstruction after the Russian invasion, according to others familiar with the matter.
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Foreign Minister Olaf Scholz, who recently chairs the Group of Seven most industrialized countries, plans to co-sponsor the event with European Commission President Ursula von der Leyen to chart a path to rebuild large portions of Ukraine’s infrastructure, the officials said, speaking on condition of anonymity. Bloomberg said Thursday.
Preparations are still ongoing and the exact date is possibly still an issue to be changed. But so far, Germany has selected October 25 as the date on which experts and representatives of the European Union, the G-7 and foreign organizations will meet in Berlin. , the resources said.
EU officials said the 27-nation bloc, which at a leaders’ summit in June officially accepted Ukraine as a candidate for membership, will provide most of the total monetary assistance, a volume that could exceed 500 billion euros ($517 billion). However, this is very likely to be a thorny debate for EU member states, as there is still no agreement on how to raise the funds.
Unlike a foreign donor convention held in the Swiss city of Lugano in July, the Berlin convention will focus more on the question of how it is more productive to spend unprecedented amounts of reconstruction aid, officials said.
Scholz told reporters Thursday that Ukraine’s reconstruction program will be more than the Marshall Plan, which helped rebuild Western Europe after World War II.
“The damage is dramatic, it will charge billions and will require the entire global network to scale up solutions,” Scholz said. “It’s going to be a big task that has little to do with the Marshall Plan. It will be bigger. “
Germany and its EU allies are lately discussing how to design a promised €9 billion emergency aid package for Ukraine. So far, the bloc has managed to agree on an initial tranche covering a ninth part of this target that has been issued in the form of a loan.
Germany argues that highly indebted Ukraine wants emergency assistance in the form of grants and loans, which would only worsen Kiev’s debt burden. officials said.
The German government is confident that EU member states will reach a compromise agreement in the coming weeks and that at least one component of the package will be awarded in the form of non-refundable grants. This would be in line with the recommendations of the International Monetary Fund and in line with monetary assistance provided through other G-7 allies such as the United States.
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