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Switzerland plans to budget $5.5 billion to help Ukraine's economic recovery

by Elsa Court and The Kyiv Independent news desk April 10, 2024 3:52 PM 2 min read
The Federal Palace, Switzerland's parliament building, in Bern, Switzerland, March 2023. (Stefan Wermuth/Bloomberg via Getty Images)
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Switzerland plans to allocate 5 billion Swiss francs ($5.5 billion) to support Ukraine's economic development and reconstruction by 2036, the Federal Council, the Swiss government's executive arm, announced on April 10.

The estimated cost of Ukraine's post-war recovery and reconstruction has risen to $486 billion over a 10-year period, the World Bank reported in February.

"As a first step, around 1.5 billion Swiss francs ($1.7 billion) is to be drawn from the international cooperation budget by 2028," the Swiss Federal Council said in a statement.

Switzerland announced in February that it would allocate $1.7 billion for Ukraine's recovery efforts from 2025 to 2028.

"Over the next 12 years, the Federal Council intends to step up its support for reconstruction in Ukraine and promote cooperation with the private sector," the Federal Council said.

While refusing to supply Kyiv with military aid on account of its long-term neutrality policy, Switzerland has provided economic and humanitarian support worth over $3 billion.

Switzerland also hosted the 2022 Ukraine Recovery Conference in Lugano, which laid down principles for Ukraine's reconstruction and recovery.

Switzerland is also set to host a global peace summit on Russia's war against Ukraine, with 80-100 countries invited to attend.

The conference, while not yet confirmed, may take place on June 16-17 in Lucerne, unnamed sources told Bloomberg.

The country is also reportedly ramping up efforts to prevent companies and individuals from using the country to circumvent sanctions imposed against Russia.

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