20,000 people chose to be part of the Kyiv Independent community — thank you.

Skip to content
Deputy Finance Minister Olha Zykova at the Invisso Conference in London, United Kingdom, on June 18, 2024. (Finance Ministry)
This audio is created with AI assistance

Ukraine requires $9.5 billion for rapid recovery this year, namely in the defense industry, energy, housing, agriculture, natural resources, and the IT sector, the Finance Ministry said on June 20.

The material costs of Russia's full-scale invasion of Ukraine continue to grow as Moscow's forces regularly strike the country's cities and infrastructure with missiles and drones.

A report developed by the government and international partners said Ukraine would need $15.3 billion for recovery needs in 2024, of which part has already been financed from the state budget and by donors, pushing down the number to $9.5 billion.

Speaking at the Invisso Conference in London on June 18, Deputy Finance Minister Olha Zykova said that consolidating efforts with partners is crucial for creating a favorable investment environment, which will then lead to sustainable economic growth.

"Creating a favorable environment for investment involves improving access to financing for investment projects, providing war and political risk insurance, and introducing state support mechanisms," Zykova said.

"The Government of Ukraine is actively cooperating with several partners and is committed to implementing steps to improve this process."

The estimated cost of Ukraine's post-war recovery had risen to $486 billion over a 10-year period, the World Bank said in February. Kyiv has been laboriously searching for new sources of income, both at home and abroad, to cover these needs.

Ukraine has begun receiving the first tranches of the 50-billion-euro ($54 billion) four-year Ukraine Facility program from the EU, and the Group of Seven (G7) promised to provide a $50 billion loan by the end of this year, covered by the frozen Russian assets revenue.

This is in addition to contributions from other donors, including individual countries or international organizations like the International Monetary Fund (IMF).

Opinion: Tracking Ukraine’s reconstruction funds
It is safe to say that Ukraine’s reconstruction will be the most significant and expensive undertaking in Europe since the post-World War II Marshall Plan. The World Bank estimates that rebuilding the country will require nearly $500 billion over the next decade, dwarfing the costs of the most destr…

Independent journalism needs a community —
not a paywall.

We’re working hard to show the world the truth of Russia’s brutal war — and we’re keeping it free for everyone, because reliable information should be available to all.

More than 20,000 people chose to stand behind us. We’re deeply grateful and overwhelmed with your support. Thank you for making it possible.

Let´s see how far we can go?

News Feed

8:42 PM

Egyptian POW didn't need money, but went to fight for Russia.

Egyptian-born Russian fighter, callsign "Cobra," signed a contract with the Russian army in 2024, abandoning his young wife, university studies and comfortable lifestyle. Now in Ukrainian prison, he's rethinking his choices. Subscribe to our channel for more independent reporting from Ukraine.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
Subscribe
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required
Subscribe
* indicates required
Explaining Ukraine with Kate Tsurkan
* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.