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Germany: Russia must pay to rebuild Ukraine – DW – 06/23/2023

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Germany’s Development Minister Svenia Schulz told DW that Russia should do it one day Pay for reconstruction From war-ravaged Ukraine.

“They have to pay for what they destroyed. This is international law,” she said. “That they have to pay – that’s obvious.”

“They destroyed all the infrastructure and destroyed the houses, and they have to pay the price for that,” she added.

Schultz was attending the Ukraine Recovery Conference in London, an international gathering of delegates from more than 60 countries Funding reconstruction efforts in Ukraine.

Schultz: Investing in Ukraine is attractive

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The World Bank set Reconstruction cost with an estimated $411 billion (€375 billion) in March, just over a year later Russia invaded its neighbor. This number will only rise as the conflict intensifies.

60 billion euros pledges to Ukraine

The UK said that by the conclusion of the conference on Thursday, foreign donors had pledged nearly 60 billion euros in new financial support.

Most of that comes from a €50 billion aid package announced by the European Union this week. The United States also plans to provide $1.3 billion in aid, with a particular focus on the energy and infrastructure sectors. Britain pledged 240 million pounds ($305 million; 278 million euros), and Germany announced 381 million euros in humanitarian aid.

Ukraine: Rebuilding in a Warzone

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British Foreign Secretary James Cleverly said the pledges would work Help provide some economic stability For Ukraine in the medium term, and that the focus is now on unlocking the “huge potential of the private sector”.

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Almost 500 companies Cleverly said 42 countries, including Google, Siemens, Vodafone, Virgin Group and Rolls-Royce, have made commitments.

“Together as governments, as international organizations, as businesses and as representatives of civil society, we have shown Ukraine and the Ukrainian people that we stand by them,” he added.

Attracting private investment

German Schultz said that many companies remained in Ukraine despite the fighting, and that the country remained a potential and attractive investment market, especially in the medium and long term.

Ukraine [a] “The future part of the European market. So those who invest now are the first to become part of this larger market,” Scholz told DW, referring to the country’s status as a candidate member of the European Union.

What are Ukraine’s priorities in the rebuilding effort?

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One of the main goals of the conference was also to put in place safeguards to help mitigate risks for private companies choosing to invest. Schulze said Germany has such a system for German companies that meet certain criteria.

“If they invest in Ukraine, they get help from the German government,” she said. “And this is really very successful. So it could be a model for others.”

‘Don’t wait for the end of the war’

Scholz also stressed that it is crucial to start coordinating international donations now, even though the conflict is still going on.

“Because he [the rebuilding process] She said “We have started…we need…homes for people who are in Ukraine. We need power. We need water. And coordinating that in a better way, that’s the essence of this conference.”

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Ukrainian Prime Minister Denys Shmyhal, who was also in London, thanked the delegates for their financial support and said rebuild his country was running.

“We are not waiting for the end of the war,” he said.

Shmyhal also called for a “compensation mechanism” to allow frozen Russian assets to be used to rebuild Ukraine. However, the issue is controversial, and it may be difficult to reach international agreement on such compensation.

Germany is scheduled to host the next Ukraine Recovery Conference in 2024.

Head of the International Monetary Fund Georgieva outlines Ukraine’s financing needs

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Nm/AP (AFP, Reuters)

The interview with Svenja Schultz was conducted by DW’s Birgit Maas in London.

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