All news

EIB head says Marshall Plan for Ukraine could be valued at trillions of euros — Reuters

President of the European Investment Bank Werner Hoyer said the EU was preparing to tackle the ever-growing economic impact of the war and said it should be a global effort

MOSCOW, May 11. /TASS/. Assistance to Ukraine after the conflict may cost Europe trillions of euros but it shouldn’t bear the burden alone, Werner Hoyer, president of the European Investment Bank said, Reuters reported on Wednesday.

"What will it cost to rebuild, reconstruct Ukraine? Figures were flying around the room ... but one thing is quite clear to me: We are not talking about millions but trillions," Hoyer said.

The head of the bank said the EU is preparing to tackle the ever-growing economic impact of the war and said it should be a global effort.

"It's a challenge for the entire free world to make sure that this (support) will be provided," Hoyer said.

High-ranking Western politicians have spoken about rebuilding Ukraine through a set of measures that are being likened in Europe to the Marshall Plan, which is a plan to rebuild Europe after World War II that was proposed by US Secretary of State George Marshall in 1947.