site.btaHalf a Trillion EUR to Be Needed to Rebuild Ukraine in Next 10 Years - Bulgarian PM Zhelyazkov

For the next ten years about half a trillion euro will be needed to rebuild Ukraine, Bulgarian Prime Minister Rosen Zhelyazkov said Thursday on the sidelines of the 4th high-level Ukraine Recovery Conference, which is taking place in Rome on July 10 and 11. The Prime Minister commented that this is a huge sum and without a very clear approach to attracting investment, private capital to businesses to allow the necessary infrastructure to be created, the reconstruction will be difficult.

According to Zhelyazkov, the enlargement of the European Union, of the single European market gives great opportunities for Ukraine. He added that Bulgaria should participate in guaranteeing the stability of the Black Sea infrastructure, which is related to electricity transmission, gas transit, data transmission. The Black Sea is the main link with Asia. The construction of routes that enable transport connectivity in the south-north direction is extremely important for the reconstruction of Ukraine and for ensuring transport connectivity, the Bulgarian Prime Minister stressed. He also underlined the importance of the Alexandroupolis-Odesa railway project. A direct rail link between Odesa on the Black Sea and Alexandroupolis on the Aegean Sea will shorten transit time and open additional opportunities for Ukraine's exports, the Prime Minister further noted.

Zhelyazkov highlighted energy connectivity as the second key pillar for the country's recovery. The Prime Minister stressed that the construction of the Vertical Gas Corridor, which will facilitate the south-north gas transmission, was officially launched at the end of May, thus strengthening Ukraine's energy security.

Ukraine has the largest natural gas storage in Europe, the Prime Minister pointed out. "Supplying and filling their capacity guarantees the security of Europe and the security in the north-south direction. Bulgaria should use this potential and the opportunities we have as a maritime country with the coordination centres in Varna for commercial shipping," Zhelyazkov said. He said that there will be talks about participation in these initiatives.

Zhelyazkov also referred to the Black Sea Motorway project, which should also provide connectivity between Turkiye and Ukraine via Bulgaria and Romania, which is a land transport corridor for goods. "All this with the whole palette of intermodality with the involvement of our ports," Zhelyazkov stressed.