European Commission President Ursula von der Leyen presented the details of her proposal to the Ukraine Recovery Conference in London Wednesday to mobilize up to 50 billion euro (USD 55 billion) over four years in the form of both grants and loans for Ukraine.
“Until 2027, Ukraine’s remaining fiscal gap is about 60 billion euro (USD 65 billion).
The needs for fast recovery are about 50 billion euro. That makes in total 110 billion euro (USD 120 billion) until 2027 that are not covered,” she said.
Therefore she proposed to EU Member States to cover 45 percent of this gap – this is in total 50 billion euro for Ukraine, if adopted by the European Parliament and Council of the EU.
In the margins of the London Conference, Executive Vice-President of the European Commission Valdis Dombrovskis, together with the President of the European Investment Bank), Werner Hoyer, the President of the European Bank for Reconstruction and Development, Odile Renaud-Basso, and the Managing Director of the International Finance Corporation, Makhtar Diop, signed agreements worth over 800 million euro (USD 878 million) to mobilise private investment for the recovery and reconstruction of Ukraine’s economy.
Source: Kuwait News Agency