Rome conference commits over $15 billion to Ukraine rebuilding

ROME – Participants in a Rome conference on the economic recovery of Ukraine have pledged more than €10 billion (S$15 billion) to help the war-torn country, Italian Prime Minister Giorgia Meloni said on July 10.

The conference, attended by political leaders including Ukraine’s President Volodymyr Zelensky, is taking place against a backdrop of further intense drone and missile attacks on Kyiv.

Speaking at the opening of the conference, Mr Zelensky described the attacks as “pure terrorism”.

He urged politicians and businesses to boost defence investments in the face of intensified attacks by Russia.

“We must stop Russian drones and missiles. This means more air defence supplies and investments in interceptor drones, air defence systems and missiles,” Mr Zelensky said.

“I urge all our partners – increase your investments. When Russia increases its attacks, we cannot have a shortage of funding.”

Mr Zelensky said Russian President Vladimir Putin wanted “our people to suffer, to flee Ukraine and for homes, schools, for life itself to be destroyed”.

He urged the estimated 2,000 companies and around 30 countries represented in the Italian capital to help Ukraine and themselves.

“Ukraine has some of the world’s most advanced drone technologies for both offence and defence. We are ready to share this expertise,” he said.

Ms Meloni and German Chancellor Friedrich Merz cited the recovery of their countries from the ruins of World War II as an example of what Ukraine could achieve.

“I think we should be proud of the result we have achieved together today – nations, international organisations, financial institutions, local authorities, the business sector, and civil society,” Ms Meloni said in her opening speech at the conference.

“Together, at today’s conference, we have made commitments totalling over €10 billion,” she added.

She said rebuilding Ukraine would require the “robust mobilisation of private capital”.

Italy, France, Germany and Poland will participate in the new European Union equity fund, which Brussels says will have an initial capital of €220 million and aims to mobilise €500 million by 2026.

The conference Italy is hosting is the fourth such event since Russia invaded its neighbour in February 2022, and is mainly aimed at mobilising international support for Ukraine.

“The message we want to send to entrepreneurs today is simple: Do not be afraid to invest... to rebuild in Ukraine,” Ms Meloni said.

She insisted it was “not a gamble, it is an investment in a nation that has shown more resilience than any other”.

“But it is also an investment in peace, in the economic growth of all of Europe and in the security of our citizens.”

The European Commission detailed €2.3 billion in support to Ukraine to help it rebuild.

“With €2.3 billion in agreements signed, we aim to unlock up to €10 billion in investments to rebuild homes, reopen hospitals, revive businesses, and secure energy,” the Commission’s President Ursula von der Leyen said.

“We are literally taking a stake in Ukraine’s future,” she added. REUTERS, AFP