European leaders announce new equity fund for Ukraine and urge
investment even as war accelerates
[July 11, 2025] By
NICOLE WINFIELD
ROME (AP) — European leaders urged private business and equity on
Thursday to invest in rebuilding Ukraine now, even as Russia accelerates
its war, as they opened an annual recovery conference with announcements
of a new equity fund and public-private partnerships amid uncertainties
of the U.S. commitment to Kyiv’s defense.
Italian Premier Giorgia Meloni and Ukrainian President Volodymyr
Zelenskyy kicked off the proceedings in Rome as Moscow pounded Ukraine’s
capital with another major missile and drone attack overnight in some of
the heaviest attacks on Kyiv in the more than three-year war.
The conference is expected to finalize individual deals of guarantees
and grants to unlock more than 10 billion euros (around $12 billion) in
investments, Meloni said. The European Commission, for its part,
announced the creation of the European Flagship Fund for the
Reconstruction of Ukraine, the largest equity fund to date to support
the country.
“The message we want to send today to businesses is: Don’t be afraid to
invest to build and rebuild Ukraine,” Meloni told the gathering of
business, political and development representatives. “The reconstruction
of Ukraine is not a risk. It’s an investment in a nation that has shown
more resilience than any other.”
Zelenskyy told the gathering that investing in Ukraine and especially
its domestic defense industry was in Europe's own security interest.
“Ukraine has some of the world’s most advanced drone technologies for
both offensive and defensive use, and we are ready to share this
expertise and these technologies with our partners," he said. "Ukraine
needs investment, you need skills, you need technology, and everything
we are building now to protect Ukraine will also help protect you.”
He thanked those countries and companies that have already invested and
warned that only friends would be welcome to rebuild: “We will only
welcome true partners, those who are not helping Russia continue this
war,” he said, without naming specific nations.
Fourth such conference on Ukraine's recovery
Italian organizers said 100 official delegations were attending
alongside 40 international organizations and development banks. Around
2,000 businesses, civil society and local Ukrainian governments also
sent representatives. They are participating in a trade fair on the
grounds of the ministerial-level meeting at Rome's funky new “Cloud”
conference center.
It’s the fourth such conference on Ukraine’s recovery, with earlier
editions in Lugano, Switzerland in 2022, London in 2023 and Berlin last
year.
“It’s basically a platform where a lot of businesses, European
businesses and Ukrainian businesses, meet up and network, where you can
actually see this public-private partnership in action, because
obviously public money is not enough to undertake this gigantic effort
of restructuring a country,” said Eleonora Tafuro Ambrosetti, senior
research fellow at the Milan-based Institute for International Political
Studies, or ISPI.
The World Bank Group, European Commission and the United Nations have
estimated that Ukraine’s recovery after more than three years of war
will cost $524 billion (€506 billion) over the next decade.
Ukraine's partners focusing on industries, issues
Alexander Temerko, a Ukrainian-British businessman, said that the Rome
conference was different from its predecessors because it is focused on
specific industries and issues, not just vague talk about the need to
rebuild. The program includes practical workshops on such topics as
“de-risking” investment, and panel discussions on investing in Ukraine's
rare earth minerals, pharmaceutical and domestic defense industries.
[to top of second column] |
Front row from left, European Commission President Ursula von der
Leyen, Olena Zelenska, Ukrainian President Volodymyr Zelenskyy,
Italian Premier Giorgia Meloni, Polish Prime Minister Donald Tusk
and German Chancellor Friedrich Merz pose for a family photo on the
occasion of the Ukraine Recovery Conference at La Nuvola convention
center in Rome, Thursday, July 10, 2025. (Roberto Monaldo/LaPresse
via AP)
 “This is the first conference which
is considering particularly projects in the energy sector, the
mining sector, the metallurgical sector, the infrastructure sector,
the transport sector, which need to be restored in Ukraine and
during the war especially,” he said.
In addition to Meloni and Zelenskyy, German Chancellor Friedrich
Merz, Polish Prime Minister Donald Tusk, Dutch Prime Minister Dick
Schoof, European Commissioner Ursula von der Leyen as well as
several other European prime ministers, economy and foreign
ministers participated.
French President Emmanuel Macron remained in Britain with U.K. Prime
Minister Keir Starmer, but they and several of the participants in
Rome spoke in a videoconference call Thursday of the “coalition of
the willing.” These are the countries willing to deploy troops to
Ukraine to police any future peace agreement with Russia.
Retired Lt. Gen. Keith Kellogg, U.S. President Donald Trump’s
special envoy to Ukraine and Russia, was in Rome and took part in
the “coalition of the willing” videoconference in a first for
Washington, Meloni said.
“I think this is a clear sign and a clear example of the unity that
we're continuing to work for, for Ukraine's security and our
security,” Meloni said.
Zelenskyy met with Kellogg on Wednesday and planned talks with other
U.S. officials to discuss the expected adoption of a new U.S.
sanctions package, Ukrainian Foreign Minister Andrii Sybiha said
Wednesday.
It was a reference to a bill sponsored by Republican Sen. Lindsey
Graham and Democratic Sen. Richard Blumenthal, who are both in Rome,
calling in part for a 500% tariff on goods imported from countries
that continue to buy Russian oil. The move would have huge
ramifications for China and India, two economic behemoths that buy
Russian oil.
Coalition's success hinges on US backup
The success of the coalition of the willing's future operation
hinges on U.S. backup with airpower or other military assistance,
but the Trump administration has made no public commitment to
provide support. And even current U.S. military support to Ukraine
is in question.
On Wednesday, U.S. officials said the Trump administration had
resumed sending some weapons to Ukraine, a week after the Pentagon
had directed that some deliveries be paused.
Merz issued an impassioned plea to Washington, and Trump in
particular, in his opening remarks.
“Stay with us and stay with the Europeans," he said. "We are on the
same page and we are looking for a stable political order in this
world.”
Kellogg responded in his own remarks, speaking in German and
directing his remarks back to Merz: “Auf Deutsch, wir sind heir. In
German, we are here,” he said.
All contents © copyright 2025 Associated Press. All rights reserved
 |
