Switzerland plans to allocate over €5 billion for Ukraine's recovery by 2036

Switzerland plans to strengthen Ukraine's economic development and long-term reconstruction over the next 12 years.

Source: Swiss Federal Council at its meeting on 10 April 2024, reported by European Pravda

Details: A total of CHF 5 billion (over €5 billion) is planned to be allocated for these purposes by 2036. As a first step, about CHF 1.5 billion will be allocated from the international cooperation budget until 2028.

"This amount clearly demonstrates Switzerland's solidarity with the people affected by the war in Ukraine and will contribute to strengthening stability on the European continent," the Swiss Federal Council said.

They reiterated that Switzerland and Ukraine jointly launched a large-scale political recovery process at the Ukraine Recovery Conference in Lugano in July 2022. The 59 delegations of states and international organisations present agreed on the Lugano Principles, which laid the key points of the political recovery process.

To date, Switzerland has spent around CHF 3 billion on these and other measures to support people affected by the war in Ukraine.

"Through the measures taken and planned, Switzerland contributes to stability in Europe and the reduction of migration flows, and indirectly strengthens the security, prosperity and independence of Switzerland," the Federal Council states.

For the period 2029-36, the Federal Council also intends to consider other sources (besides international cooperation) from which the remaining CHF 3.5 billion to be allocated for Ukraine's reconstruction could be obtained.

At today's meeting, the Federal Council also instructed the Foreign Ministry and the Ministry of Economy to develop a joint programme for Ukraine, which will include appropriate oversight mechanisms. "This programme should provide targeted and effective support and be based on the seven Lugano principles: partnership, focus on reform, transparency, accountability and the rule of law, democratic participation, multi-stakeholder engagement, gender equality and inclusiveness, and sustainability," the Federal Council explained.

Background:

• Recently, President Volodymyr Zelenskyy said that Ukraine would soon agree with Switzerland on the date of the first inaugural Peace Summit. 
• Ukraine insists that Russia should not participate in the inaugural Peace Summit in Switzerland.
• Bloomberg reported that the Peace Summit in Switzerland may take place on 16-17 June, although it is unclear how many leaders will attend. 

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