Scholz announces '21st century Marshall Plan' for Ukraine's reconstruction

German Chancellor Olaf Scholz has said that the reconstruction of Ukraine will be a "Marshall Plan for the 21st century" and an opportunity to build a more stable and strong country.

He stated this at the opening of the International Expert Conference on the Recovery, Reconstruction and Modernization of Ukraine in Berlin on Tuesday, October 25, according to an Ukrinform correspondent.

Scholz said that Russia's current way of waging war with attacks on civilians and civilian infrastructure of Ukraine demonstrates only one thing: Putin's Russia is in despair, and the people of Ukraine will win. To guarantee victory, according to him, Germany, along with its friends and partners, will continue to resolutely support Ukraine politically, financially, with humanitarian aid and weapons for as long as it takes.

"We know that no country's history is like another, but from our historical experience, we know that reconstruction is always possible and that it is never too late to accomplish this task. This conference is about creating infrastructure and developing mechanisms that will help facilitate and finance what John Maynard Keynes in 1944 called "permanent reconstruction." What is at stake here is nothing less than the creation of a new Marshall Plan for the 21st century, a generational task that must begin now," Scholz said.

He noted that the recovery and modernization of Ukraine would be not only a challenge for generations, but also an opportunity. With this in mind, he said attention should be paid to what can make Ukraine more sustainable and strong: "An important producer of green energy, an exporter of industrial and agricultural products, a digital center with some of the best IT experts, as well as a member of the EU with appropriate infrastructure and legal framework."

"To implement such a gigantic effort, we need to develop even better ways to attract public and private investors from around the world to Ukraine's sustainable future. We need to discuss what a transparent, efficient and inclusive form of governance might look like," he added.

Scholz said earlier that Germany supports Ukraine's full membership in the EU in the future, therefore the reconstruction of the country should take place taking into account this perspective.