London - German Foreign Minister Annalena Baerbock intends to counter Russian aggression in Ukraine with a "reconstruction offensive." This was announced by the Green Party politician shortly before the start of the Ukraine Recovery Conference in London, according to a statement from the Foreign Office.

The reconstruction of the country is a "colossal task," said Baerbock, adding that "In 2022 alone, Ukraine lost 29 percent of its gross domestic product, and inflation was up to 27 percent." In addition, the World Bank estimates that reconstruction will cost more than $400 billion (about 366 billion euros) over the next decade.

Part of the European peace and prosperity project

Baerbock said that Germany is providing "massive new humanitarian aid to assist families most affected by destruction, flooding, and displacement." In the medium term, the focus will be on supporting the financing of reconstruction. In the long term, the EU accession process will pave the way for a sustainable and flourishing Ukrainian economy.

"Germany's support is rock solid, today, tomorrow, and the day after. Because winning the war is not enough for lasting peace - we want Ukraine to become part of the European peace and prosperity project," said the minister. However, private investment is also crucial to rebuilding the country. Despite the war, many German companies continue to operate in Ukraine, which Berlin supports, for example, through national investment guarantees.

War risk insurance planned

Along with Ukraine, the UK is co-hosting the conference this year and is focusing heavily on promoting private investment in the country. According to the British government, hundreds of international companies have already signaled their intention to participate in Ukraine's reconstruction. To offer companies more security, the G7 countries plan to create a framework for war risk insurance at the conference, announced Sunak.

However, Kiev must also be held accountable for getting a better handle on the problem of corruption and using aid money effectively and efficiently. Before the conference, US Secretary of State Antony Blinken, in a meeting with his British counterpart James Cleverly, urged Kiev to strengthen democratic institutions. He also pledged US and other allies' support for this effort.