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Ukraine needs 500 millions euros to rebuild port facilities that were damaged by Russia

A government minister announced on Friday that Ukraine will need an initial 500 millions euros (566 million dollars) to rebuild its most important infrastructure at the Black Sea ports, which were destroyed by Russian drone and missile attacks.

In the course of more than three war years, Russians have damaged almost 400 port infrastructure facilities. Ukraine relies heavily on its seaports, as it ships over 90% of all exports via the sea.

Andriy Kazhuba, deputy Minister of Territorial Development, said at the Black Sea Security Forum held in Odesa: "The critical infrastructure for ports and shipping facilities that we've already lost has been identified... Now we have to restore these facilities."

Ukraine operates three major ports in the Odesa region. After the Russian invasion of February 2022, other Black Sea ports ceased operations.

Kashuba estimated that the cost to rebuild the port infrastructure would be around 1 billion euro.

This figure pales in comparison to the estimated total cost of Ukraine's reconstruction and recovery. Last December, the World Bank estimated that the cost would be $524 billion (EUR506billion) over the next ten years. This is about 2.8x the country's nominal GDP estimate for 2024.

The Russians have destroyed or damaged many industrial and residential infrastructure facilities in Ukraine. ($1 = 0.8828 euro) (Reporting and writing by Yuliia Dysa, Editing by Gareth Jones).

(source: Reuters)