President’s Office announces date for Fund for Restoration of Ukraine to start working

ANASTASIIA ZHARYKOVA – FRIDAY, 7 OCTOBER 2022, 14:55

The Fund for the Restoration of Ukraine can be fully operational already in late November or early December this year.

Source: Kyrylo Tymoshenko, Deputy Head of the Office of the President of Ukraine, has said so during the conference, as the President’s press service reports.

Tymoshenko reported that during the 225 days of the full-scale war, destruction of 94,596 infrastructure facilities have been recorded in various regions of Ukraine. Over 25,000 facilities are located in Kyiv Oblast, over 20,000 in Donetsk Oblast, and over 9,000 targets have been damaged in Kharkiv Oblast. In general, over 74,000 residential buildings were destroyed. New destructions are observed daily as Russian aggression continues.

Quote: "Unfortunately, Ukraine doesn’t have enough financial resources to restore such a large amount of destroyed infrastructure. It will take Ukraine many years to rebuild thousands of schools, kindergartens, hospitals, energy and transport infrastructure facilities," Tymoshenko said.

Details: The official added that currently, only 11,000 facilities were undergoing rebuilding at the expense of the state budget funds. Thus, it is only 13% of what is necessary, because Ukraine is critically short of funds.

In order to attract financial assistance from foreign governments, agencies and international organisations, a decision was made to create the Fund for the Restoration of Ukraine. This financial institution should become a tool for transparent receipt and effective use of international aid for the reconstruction of infrastructure in Ukraine.

Transparency of the Fund will be ensured by maximum control from the benefactor community, because 75% of its supervisory board will be representatives of benefactors. All of the Fund's management will be appointed by the latter, and all of the reports on its activity will be publicly available.

"We plan that the full[-fledged] launch of the Fund will take place at the end of November or the beginning of December this year," Tymoshenko said.

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