Ukraine’s economic recovery is expected to cost $411 billion, according to new research from the World Bank, the United Nations, the European Commission and Ukraine.

The assessment, released today, covers the year since the Russian invasion on February 24, 2022, and quantifies the property damage to infrastructure and buildings, the impact on people’s lives and livelihoods, and the cost of “better recovery,” according to the World Bank.

That figure is well above the $349 billion estimate released last September.

The new outlook comes a day after the International Monetary Fund said its officials had reached an agreement with Ukrainian authorities on a four-year, $15.6 billion loan package that could raise additional billions in aid from other agencies after executive board approval. IMF in the coming weeks.

“Energy infrastructure, housing, critical infrastructure, the economy and humanitarian demining are our five priorities for this year,” said Ukrainian Prime Minister Denys Smygal.

He said the estimated damage and reconstruction needs do not include data on the loss of infrastructure, homes and businesses in the territory occupied by Russian troops.

According to a needs assessment, Ukraine will need $14 billion in 2023 for critical and priority investments in reconstruction and recovery.

About 22% of the need falls on transport, housing accounts for 17%, energy – 11%, agriculture – 7%.

According to the World Bank, the largest proportionate growth is in the energy sector, where losses are more than five times the level recorded in June 2022. The largest increase was recorded in frontline areas such as Donetsk, Kharkiv, Luhansk and Kherson, which have been subject to Russian rocket attacks since October.

World Bank Vice President for Europe and Central Asia Anna Bjerde hailed Ukraine’s resilience and determination to meet its urgent needs for recovery and reconstruction.

“Continuous support for Ukraine is an investment both for the country and for the global economy. Support for public investment by development partners must be complemented by significant private investment to increase available funding for reconstruction,” he said.

Source: APE-MPE, Reuters.