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Lithuania provides 1 million euros to Ukraine Solidarity Fund for reconstruction

by Nate Ostiller and The Kyiv Independent news desk December 4, 2023 8:46 PM 2 min read
Workers demolish a bombarded block of flats amid reconstruction efforts in Irpin, Kyiv Oblast, on May 13, 2023. Irpin was targeted by indiscriminate Russian bombardments at the beginning of Russia's full-scale invasion. (Dominika Zarzycka/NurPhoto via Getty Images)
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Lithuania contributed 1 million euros ($1.08 million) to the Ukraine Solidarity Fund, a fund managed by the Council of Europe Development Bank (CEB) to help finance Ukraine's reconstruction, as well as improve the current living conditions of Ukrainians, the CEB announced on Dec. 4.

The fund was created in 2022 with 1 million euros ($1.08 million) in seed money from Ireland, and it has since received 2 million euros ($2.2 million) from Germany and 700,000 Czech Koruna ($31,000) from the Czech Republic.

“Lithuania stands firm in support of Ukraine," said Lithuanian Finance Minister Gintare Skaiste.

"Ukraine’s strength lies in its people and their determination to fight against the aggressor, so it is important to provide not only military and budgetary support, but also to address the social consequences of the war to ensure the basic needs of internally displaced persons. This is why we have decided to contribute to the Ukraine Solidarity fund that will help to reconstruct and strengthen the country's social infrastructure."

A combination of individual countries and institutions like the EU and the European Investment Bank (EIB) have pledged billions of dollars for Ukraine's reconstruction.

U.S. officials have also suggested that Russian money currently frozen by Ukraine's allies in the West will not be returned until Moscow pays for Ukraine's reconstruction.

Estimates on the cost of Ukraine's reconstruction have varied. A report by the World Bank in March 2023 put the figure at $411 billion, but others have put the number at higher than $1 trillion.

‘We have to speed up:’ European Investment Bank head Hoyer calls for swift reconstruction of Ukraine
Werner Hoyer, the head of the European Investment Bank (EIB), and its vice-president Teresa Czerwinska visited Kyiv on Nov. 27 to announce a new 450-million-euro package ($493 million) to Ukraine and inaugurate the bank’s new regional hub in the capital. The sum, approved by the EIB on Nov. 15,

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