World Bank: It will take 10 years to rebuild Ukraine

A new assessment by the World Bank says reconstruction and recovery efforts in Ukraine following Russia’s invasion will take 10 years.

The joint assessment released on Thursday by the World Bank, the Ukraine government, the European Commission, and the United Nations (UN), noted that the cost of rebuilding the country has grown to $411 billion.

Russia invaded Ukraine on February 24, 2022.

The report said the reconstruction cost estimate covers the one-year period from Russia’s invasion and combines both needs for public and private funds.

The cost includes an estimated $135 billion of direct damage – mainly to the housing, transportation, energy, commerce, and industry sectors.

The estimated cost of repair is more than double the country’s GDP in 2022

In June 2022, the World Bank said it would cost $349 billion to rebuild Ukraine.

The geographic areas with the greatest increase in needs are frontline regions of the war: Donetska, Kharkivska, Luhanska, and Khersonska.

The report said the human impact of the war has pushed 7.1 million people into poverty and reversed 15 years of development progress.

It added that the war has exacerbated inequalities and in particular affected women, children, and people with disabilities.

Russian President Vladimir Putin had said the war would not end until he achieves his goal of “demilitarising and de-Nazifying Ukraine”.