EU Pledges €10B for Ukraine

At the Ukraine Recovery Conference in Rome on Thursday, the European Union pledged enhanced political and financial support for Ukraine, unveiling initiatives expected to mobilize up to €10 billion ($11.7 billion) in new investments for the country’s reconstruction, CE Report quotes Anadolu Agency

European Commission President Ursula von der Leyen announced the creation of the European Flagship Fund for the Reconstruction of Ukraine, aimed at attracting major private sector investment in key sectors such as energy, transport, and raw materials. Developed in partnership with Italy, Germany, France, Poland, and the European Investment Bank, the fund is central to the EU’s recovery strategy.

“We are literally taking a stake in Ukraine’s future,” von der Leyen said, stressing the importance of leveraging public money to attract private capital.

She also confirmed a new €1 billion macro-financial assistance payment and over €3 billion from the Ukraine Facility, noting that the EU will cover 84% of Ukraine’s external financing needs in 2024.

European Council President Antonio Costa emphasized continued EU backing through sanctions, defense aid, and diplomatic efforts. He also affirmed Ukraine had met the conditions to begin EU accession talks.

Additionally, the European Commission announced a separate €2.3 billion support package, including €1.8 billion in loan guarantees and €580 million in grants for critical sectors like energy and small businesses.