The World Bank is ready to do its part in rebuilding Ukraine after the devastation of Russia's invasion, but international financial institutions cannot shoulder the sums involved alone and Western European countries will have to chip in, World Bank president David Malpass said on Tuesday.
A volunteer inspects the remains of a residential house damaged by a Russian missile strike, amid Russia's attack on Ukraine, in Zaporizhzhia, Ukraine April 9, 2023. World Bank president David Malpass says Western and European countries will have to help Ukraine recover. REUTERS/Stringer
Malpass, speaking at the spring meetings of the International Monetary Fund and World Bank, noted that the World Bank had played a big role in rebuilding Europe's steel industry after World War Two and could play a similar role in Ukraine. "The bank is prepared to play its role in the reconstruction, but I do need to set the expectations for the world that the amount to rebuild the electricity sector, the road sector, a railroad sector are way bigger relative to the size of the balance sheets of the international financial institutions," he said.
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