Habeck: G7 countries are discussing development funds for Ukraine

Created: 09/15/2022Updated: 09/15/2022 15:26

The participants of the G7 meeting of trade ministers in front of Neuhardenberg Castle with a family photo.

© Kay Nietfeld/dpa

The Russian attack has destroyed much in Ukraine, cost lives and reduced buildings and infrastructure to rubble.

Other states are also supporting the country financially - and are considering other options.

Neuhardenberg - According to Federal Economics Minister Robert Habeck, the G7 group of leading Western industrialized countries is considering setting up a larger recovery fund for Ukraine.

The Ukrainian Deputy Prime Minister Julia Swyrydenko, who was a guest at the meeting of the G7 trade ministers in Neuhardenberg, Brandenburg, put the financial requirements for the reconstruction of Ukraine at 350 billion euros, said the Green politician on Thursday.

Germany currently chairs the G7 group, which also includes France, Italy, Japan, Canada, the US and the UK.

Habeck was therefore the host.

"It is a gigantic sum that certainly cannot be raised with public money alone," said Habeck.

That's why they talked about setting up a financial instrument or fund that could "leverage" this money.

This usually means that private investments are also attracted by public funding.

This must now be discussed with the finance ministers and central banks.

Further support may be possible

EU Trade Commissioner Valdis Dombrovskis said on the sidelines of the deliberations on the 350 billion euros that "huge sums of money" are at stake in view of the violent destruction that the Russian aggression has left in Ukraine - "and these sums do not yet include the latest developments". .

With the Ukrainian counter-offensive, Russia has begun to specifically destroy critical infrastructure such as power plants and dams.

"So I'm afraid that's not the final amount." Ukraine is to receive aid of nine billion euros from the EU to cover running costs of the state and, for example, the operation of hospitals;

part of the money has already been paid out.

It is quite possible that further support will be needed to bridge the time until the country can be rebuilt, said Dombrovskis.

Investment Opportunities Map

According to Habeck, the G7 countries are also aiming for “a kind of map of investment opportunities” for Ukraine.

To this end, the respective chambers of commerce should pool their findings and thus make it easier for foreign companies to get involved in the country.

Svyrydenko said her country was fighting on two fronts, economic and military.

It is very important to enable investments in Ukraine.

Asked about German arms deliveries, Habeck said: "We have done a lot." The Federal Republic has delivered high-precision weapons in particular.

It is an ongoing process in which more weapons would reach Ukraine - depending on the course of the war.

dpa