The Group of Seven (G7) leading industrial democracies and the European Union (EU) on Tuesday started work on a reconstruction fund for Ukraine based on US economic aid for Europe after World War II.

A conference of experts hosted by German Chancellor Olaf Scholz as the current G7 chair and European Commission President Ursula von der Leyen laid the groundwork for such a programme in Berlin.

Questions remain surrounding timing however, with Ukraine anxious to begin immediate investments, while the EU seeks to rally more international support for reconstruction efforts, according to the (dpa).

No concrete financial commitments were made at the expert meeting, which was deliberately not designed as a donor conference.

Ukrainian President Volodymyr Zelensky called for rapid international investment in the reconstruction of his war-torn country.

Later on, Indonesian President Joko Widodo announced a peace initiative for Ukraine at the upcoming G20 summit of leading economic powers in Bali in November.

At the summit, Indonesia would invite everyone to "sit down together and engage in constructive dialogue," Widodo said in a video message at the end of the event.

In the video message, he said peace diplomacy was a top priority. "The war must end," Widodo added.

Rebuilding and restoring Ukraine's economic strength would be impossible if the war did not end, he said, underlining that the interests of the Ukrainian people would come first.

Western countries have been providing financial and logistical support to Ukraine to confront the Russian war, amid pledges to help Kyiv authorities in rebuilding what the conflict has destroyed.