New Ideas and Recommendations

Toward a Marshall Plan for Ukraine

May 22, 2023

Executive Summary

Emergency assistance for Ukraine was and is a necessity dictated by Russia’s war. Beginning with the London Recovery Conference in June 2023, the Ukraine alliance should adopt a more strategic view of Ukraine’s reconstruction, with an eye toward mid- and long-term planning. Five key enablers of reconstruction should be prioritized: 

Private investment

At least initially, donors need to share the risk with investors and provide war insurance. A multilateral investment trust fund should be created to provide that insurance and complement national efforts. The fund should be open only to investors from countries that aid Ukraine during the war. 

Energy transition

Ukraine’s shattered energy infrastructure should be rebuilt in accordance with the EU decarbonization goals, allowing the country’s economy to leapfrog into a net-zero future. Ukraine should join EU flagship climate policies soon and ahead of full bloc membership.

Russian assets

Frozen public funds should be temporarily invested, with the proceeds made available to Ukraine, and an international claims conference should be prepared to make Russia pay, albeit in a legal and transparent way, to directly aid those affected by Russian aggression.

Transparency and accountability

Continued aid must be conditioned upon continued anti-corruption reform. To ensure implementation, civil society needs to participate in a reconstruction process that adheres to decentralization principles. 

Donor coordination

The new G7 Multi-agency Donor Coordination Platform for Ukraine needs to be better equipped to succeed. Its capacity for strategic planning should be added, and its leadership structure should be rethought.

Reversing Ukraine’s economic trajectory, uplifting its people, and enabling the country to integrate successfully into the European and world economy requires sustained, long-term growth. The recommendations in this report are enablers that will help to set Ukraine on the road to rapid recovery. 


Creating War Insurance and Incentivizing Investment

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Leapfrogging Into a Net-Zero Ukraine

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Making Russia Pay the Legal Way

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Ensuring Transparency and Accountability

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Organizing Donors to Do Big Things

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We Need a Marshall Plan for Ukraine.

The Marshall Plan was an audacious, innovative strategy to tackle the most pressing challenges of its time. Breaking Western Europe’s cycle of conflict and rebuilding economies devastated by World War II was an immense task, and the Marshall Plan is a concrete example of the scale of change made possible by imagination, pragmatism, and generosity. GMF’s work carries this spirit into the 21st century.


GMF is a proud partner of the European Alliance of Cities and Regions for the Reconstruction of Ukraine.