German Chancellor Olaf Scholz has urged private companies to invest in rebuilding Ukraine during a conference in Berlin focused on mobilizing international support for post-war reconstruction. Scholz emphasized the need to offer companies a business case for investing in sectors such as renewables, IT, and pharmaceuticals, as the World Bank estimates that Ukraine may require $500 billion over ten years.
In addition to economic support, Germany has announced plans to send more air defense systems, missiles, and munitions to strengthen Kyiv’s defenses against ongoing Russian attacks. Scholz underscored the importance of preventing destruction through continued conflict, stating that the best form of reconstruction is one that never needs to occur.
Despite recent Russian advances in eastern Ukraine, Kyiv is positioning itself as a future member of the European Union and deserving of substantial reconstruction financing. Switzerland is set to host an international conference aimed at exploring paths to peace in Ukraine, although China and Russia have not endorsed the event. Ukraine’s energy system is especially in need of urgent assistance following Russian airstrikes that have damaged power generation infrastructure.
Unfortunately, the Berlin conference faced criticism this week with the resignation of a top Ukrainian reconstruction official. The official cited “systemic obstacles” that made his role unsustainable, highlighting challenges in the reconstruction efforts.
