Ukraine to direct UAH17B confiscated from Russian banks to rebuild housing stock - Shmyhal

Ukraine to direct UAH17B confiscated from Russian banks to rebuild housing stock - Shmyhal

Ukraine’s government plans to start rebuilding in the near future the country’s destroyed housing stock at the expense of funds seized from Russian banks.

Ukrainian Prime Minister Denys Shmyhal said this at a government meeting on Tuesday, an Ukrinform correspondent reports.

"Together with the World Bank, we plan to run another verification of Ukraine's needs for rapid recovery. Let me remind you that we have such a fixation for early June last year. Then the figure was $350 billion in damages. Taking into account the latest attacks on our infrastructure, today this amount reaches more than $700 billion," said Shmyhal.

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He recalled that in the state budget for the current year, UAH 35.5 billion has been allocated for the Fund for liquidation of the consequences of armed aggression. This includes construction and repair of public buildings, critical infrastructure facilities, and accommodation for IDPs.

"Already in the near future, we expect to begin reconstruction using the funds confiscated from Russian banks – there is already UAH 17 billion in a special account for this purpose. The first priority is the destroyed homes of our people," the prime minister emphasized.

According to Shmyhal, attracting foreign investment to the Ukrainian economy will be part of the great reconstruction. Therefore, this year Ukraine must complete the negotiations on war risk insurance for foreign investors.

"Within the country, the priority is to create the most favorable conditions for investment. In particular, the simplification of the preparation and implementation of public-private partnership projects. As well as minimization of requirements for investment projects with significant investments and further streamlining of permit and license conditions," Shmyhal said.

As reported by Ukrinform, in December, the Individual Deposit Guarantee Fund ensured the transfer to the special fund of the state budget of funds equivalent to UAH 17 billion from the accounts of Prominvestbank and the International Reserve Bank (former Sberbank of Russia).

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