A top European official has endorsed a “Marshall-style” multi-billion euro plan to rebuild Ukraine, pledging the might of the European Union’s lending arm for what he said must be a global rescue effort.
Werner Hoyerpresident of European Investment Banktold Reuters Europe must not be left to foot the huge bill alone, which he predicted could run into the trillions.
Hoyer told Reuters that the cost of rebuilding Ukraine had been discussed at recent meetings of the United Nations, the International Monetary Fund and the World Bank in Washington.
“How much will the reconstruction of Ukraine cost? The figures were flying around the room, (…) but one thing is very clear to me: we are not talking about millions, but billions.”
Under America’s post-World War II plan, known as the Marshall Plan, the United States gave Europe the current equivalent of some $200 billion in four years of economic and technical assistance.
“The international community must provide tremendous amounts of aid,” Hoyer said.