Germany's Scholz to discuss 'Marshall plan' for Ukraine with G7 leaders

Like Europe then, Ukraine today needs a Marshall plan for its rebuilding, Scholz said referring to the US-sponsored plan that helped revive European economies after WWII.

Olaf Scholz
German Chancellor Olaf Scholz. AP/PTI
AP Berlin
2 min read Last Updated : Jun 22 2022 | 10:39 PM IST

German Chancellor Olaf Scholz said Wednesday that he wants to discuss the outlines of a Marshall plan for Ukraine with the leaders of the Group of Seven countries at their upcoming summit in Germany.

Scholz hopes for a united front on long-term support for Ukraine when he hosts the annual G-7 summit in Bavaria next week.

The group of the world's leading economic powers is made up of the US, France, Germany, Italy, the UK, Canada and Japan.

The chancellor told Germany's parliament that rebuilding Ukraine will be a task for generations."

Recalling his visit last week to Irpin, a Kyiv suburb that saw intense fighting, he said that some things there remind not just me of the pictures of German cities after World War II.

Like Europe then, Ukraine today needs a Marshall plan for its rebuilding, Scholz said referring to the US-sponsored plan that helped revive European economies after WWII.

Billions of dollars will be needed to finance rebuilding over years, and that can only work if European nations, other major donor countries and international organisations work together, Scholz said.

He has invited Ukrainian President Volodymyr Zelenskyy to discuss the matter with the G-7 leaders by video link on Monday.

Aside from funding, one thing is really decisive we must agree ... what such a Marshall plan for Ukraine' can look like, he added.

How we coordinate it internationally; how we decide together in the future what investments advance Ukraine fastest on its European path.

Scholz said that, together with European Commission President Ursula von der Leyen, he will call for a high-ranking expert conference on Ukraine to be convened under the umbrella of Germany's G-7 presidency.

European Union leaders are expect at a summit Thursday and Friday to grant Ukraine the status of a candidate for membership, kicking off a progress that will likely take years and whose success isn't guaranteed.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :GermanyUkraineG7 summitEurope

First Published: Jun 22 2022 | 10:39 PM IST

Next Story