The reconstruction of Ukraine cannot wait for the end of the conflict and must begin now, US special representative for the economic reconstruction of Ukraine Penny Pritzker said in Brussels on Wednesday, AFP reports.

The building destroyed by the Russian bombing of OdessaPhoto: DSNS / AFP / Profimedia Images

“Long-term efforts to revive Ukraine’s economy have to happen now, they have to start now, even in the midst of ongoing war and hostilities,” Pritzker told reporters in Brussels.

The cost of this reconstruction will be “substantial,” said Obama’s former commerce secretary, emphasizing the need to mobilize the private sector.

The World Bank has estimated that Ukraine will need more than 400 billion dollars for recovery.

A billionaire and former businesswoman, Pritzker said she is already in contact with more than thirty companies interested in investing in Ukraine.

But certain obstacles still need to be removed, she said, referring not only to the ongoing hostilities, but also to the need to create an environment in which Western companies, accustomed to certain legal norms and practices, could confidently invest in Ukraine.

“Reform and reconstruction must go hand in hand,” she insisted.

Ukrainians recognize that they still have “a lot of work to do in terms of reforms,” ​​Pritzker explained, referring to corruption and money laundering, the day after a donor coordination meeting with representatives of Ukraine and the European Union.

In the short term, Ukraine has huge needs in the housing, transport, infrastructure and energy sectors.

But its economy is still active, and Ukraine wants to “continue to export and sell its grain.” Therefore, it is important to “ensure the proper operation” of trade routes,” she emphasized.

Asked about the use of Russian assets in Western countries to finance this reconstruction, Pritzker said it was important that Russia pay “given the destruction” it has caused to Ukraine.

She estimated that these assets in the US are worth about eight billion dollars, but admitted that a lengthy legal process still needs to be completed before they can be used to finance the reconstruction of Ukraine.

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