The President of the EIB has supported a multi-trillion plan to rebuild Ukraine.
Friday, May 13, 2022

The President of the EIB has supported a multi-trillion plan to rebuild Ukraine.

A top European official has backed a multi-trillion-euro ‘Marshall’ style plan to rebuild Ukraine, pledging the firepower of the EU’s lending arm for what he said must be a global rescue effort. Werner Hoyer, president of the European Investment Bank, said Europe must not be left alone to foot the vast bill he predicted could run into the trillions. Under the post-World War Two US system known as the Marshall Plan, the United States granted Europe the present-day equivalent of some $200B over four years in economic and technical assistance. Addressing the need for a similar program for Ukraine, Hoyer told Reuters that the cost of rebuilding the country had been discussed at recent meetings at United Nations, the International Monetary Fund, and World Bank in Washington.

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