EU Launches Equity Fund To Rebuild War-Torn Ukraine/ Newslooks/ WASHINGTON/ J. Mansour/ Morning Edition/ European leaders launched a new equity fund for Ukraine, urging businesses to invest despite the ongoing war. Zelenskyy highlighted Ukraine’s resilience and security role, while Meloni pledged billions in reconstruction deals. Concerns remain over U.S. support as Russia escalates attacks on Kyiv.
Quick Look: Ukraine Recovery Push
- New Fund: European Flagship Fund for Reconstruction of Ukraine
- Investments Expected: Over €10 billion unlocked
- Backdrop: Russia escalates missile and drone attacks on Kyiv
European Leaders Launch New Equity Fund to Rebuild Ukraine, Urge Private Investment Despite Ongoing War
Deep Look
ROME (AP) — European leaders unveiled a major new equity fund Thursday aimed at kickstarting Ukraine’s reconstruction, as Russia’s devastating war shows no signs of easing. Speaking at the Ukraine Recovery Conference in Rome, officials rallied private businesses to invest in rebuilding Ukraine’s industries, infrastructure, and economy, despite the continued threat from Russian attacks.
Italian Prime Minister Giorgia Meloni and Ukrainian President Volodymyr Zelenskyy opened the conference with an urgent call for private capital and public-private partnerships, even as Kyiv endured another barrage of missiles and drones overnight. Meloni announced that the event would unlock more than 10 billion euros ($12 billion) in investments and that the European Commission has established the European Flagship Fund for the Reconstruction of Ukraine — the largest equity fund to date dedicated to Ukraine’s rebuilding efforts.
“Don’t be afraid to invest to build and rebuild Ukraine,” Meloni told the audience of political leaders, business executives, and development officials gathered in Rome’s La Nuvola conference center. “Reconstruction is not a risk. It’s an investment in a nation that has shown more resilience than any other.”
Zelenskyy emphasized that Ukraine’s rebuilding is also a matter of Europe’s own security. He touted Ukraine’s cutting-edge drone technology and promised that investments would flow only to true partners who are not supporting Russia’s war efforts.
“It’s in Europe’s security interest to invest in Ukraine,” Zelenskyy said. “Everything we’re building now to protect Ukraine will also help protect you.”
The conference brought together around 100 official delegations, 40 international organizations, and roughly 2,000 businesses, representing industries ranging from defense and mining to energy and transport.
This year’s event shifted from previous editions by focusing on concrete industrial sectors and specific projects. Workshops addressed topics such as de-risking investment and developing Ukraine’s rare earth minerals and domestic defense industries.
The World Bank, European Commission, and United Nations estimate Ukraine’s reconstruction will cost over $524 billion (€506 billion) in the next decade.
European leaders stressed unity but acknowledged ongoing uncertainty over the United States’ long-term commitment to Ukraine’s defense. Germany’s Chancellor Friedrich Merz implored Washington not to withdraw support, warning that European security depends on transatlantic unity.
“Stay with us and stay with the Europeans,” Merz urged. “We are on the same page and we are looking for a stable political order in this world.”
Meanwhile, retired U.S. Lt. Gen. Keith Kellogg, President Donald Trump’s special envoy to Ukraine and Russia, attended the Rome talks and participated in a high-level videoconference of the “coalition of the willing” — countries prepared to deploy troops to Ukraine to monitor any potential future peace deal with Russia.
While President Trump has resumed some weapons deliveries to Kyiv, questions remain about Washington’s broader military commitment. U.S. officials say Trump is weighing legislation that could impose 500% tariffs on countries buying Russian oil, a move that would have global economic repercussions, especially for major Russian oil buyers like China and India.
The conference underscored both the urgency and complexity of Ukraine’s rebuilding — and the high stakes for Europe and the world.
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