Why this is important to Wisconsin businesses:
Wisconsin companies with expertise in infrastructure and construction could participate in rejuvenating the economy and quality of life in Ukraine.
Ukraine is seeking help in rebuilding its war-torn nation.
One year after the February 2022 Russian invasion, the cost of rebuilding Ukraine and helping its economy to recover will amount to $411 billion over the next 10 years, according to a report released in March by the government of Ukraine, the World Bank Group, the European Commission, and the United Nations.
The government hopes to attract foreign investment through a series of conferences being held as part of its Rebuild Ukraine initiative. Funds are needed in areas that include transportation, utilities, energy, and housing with the goals of restoring, upgrading, and modernizing essential infrastructure.
The Rapid Damage and Needs Assessment report estimates Ukraine will need $14 billion for critical reconstruction and recovery investments in 2023, which is $11 billion more than the amount allocated in the government’s 2023 budget.
The greatest needs are in transportation (22%), housing (17%), energy (11%), social protection and livelihood (10%), explosive hazard management (9%), and agriculture (7%), according to the report. It calls for both public and private investment.
“Continued support for Ukraine is an investment in both the country and the global economy. Development partner support for public investment needs to be complemented by significant private investment to increase the available financing for reconstruction,” said World Bank Vice President for Europe and Central Asia Anna Bjerde.
Damage to buildings and infrastructure is estimated at more than $135 billion. The war has also pushed more than 7 million people into poverty, the report says.
Rebuild Ukraine offers a wide range of opportunities for Wisconsin companies to participate. For example:
- Water management: Upgrade treatment plants, enhance distribution networks, and implement sustainable solutions for water supply and wastewater treatment.
- Waste management: Improve waste collection, recycling, and landfill management.
- Road building: Rebuild and expand highways, bridges, and urban roads.
- Oil and gas: Explore new oil and gas development and production projects.
- Power generation: Propose renewable energy installations to diversify the country’s energy sources.
For more details, visit the “Rebuild Ukraine” website at https://rebuildukraine.in.ua/en.
