The virtual meeting of the leaders of the G7 on October 11, 2022 (Photo: BPA/Reuters)

German Chancellor Olaf Scholz said the goal now is to build the platform quickly with the participation of Ukraine, international financial institutions, and other partners.

Scholz said the reconstruction of Ukraine was “comparable perhaps with the Marshall Plan”, which was put in place by the US to help Europe rebuild after the devastation of World War II.

A joint statement, posted on the website of Germany which currently holds the G7 presidency, said the G7 will help Ukraine meet its winter needs, will continue to support the Ukrainian people, and will further strengthen joint efforts to help Ukraine at Tuesday’s international conference on reconstruction of Ukraine in Paris. The G7 leaders also pledged to meet Ukraine's need for increased military capabilities.