WASHINGTON: Private investment will be key to Ukraine’s reconstruction once a peace deal is reached, World Bank President Ajay Banga said on Friday.
“Over the last three or four years, almost $50 billion has been funneled through us to Ukraine,” Banga told AFP during the Spring Meetings in Washington.
Now in its fourth year, Russia’s invasion has devastated Ukraine’s infrastructure, with the World Bank estimating reconstruction will cost more than $500 billion — three times Ukraine’s GDP.
“This is not going to be business as usual,” Banga said, adding that close to a third of the funds could come from private capital. He noted Ukraine’s reform efforts during the war, including changes to state-owned enterprises and the judicial system, have improved its investment climate.
“The first six months will focus on managing the shift from wartime to peacetime,” Banga said, “but then it’s about restarting investment.” – AFP
