European countries launched a new reconstruction fund in Rome on Thursday to assist Ukraine in rebuilding after more than three years of war.
The fund, which includes private investors, will initially focus on restoring heavily damaged energy infrastructure, and may also support industrial companies and data centres.
Supported by Germany, Italy, Poland, France, and the European Commission, the new fund starts with an initial capital of €1 billion. “Rebuilding is impossible without a strong economy,” said German Development Minister Reem Alabali Radovan at the launch.
The two-day conference is attended by representatives from around 60 countries, alongside international organisations and companies.
A video conference will also be held later in the day with the so-called “coalition of the willing,” led by the UK and France, comprising about 30 countries. French President Emmanuel Macron and British Prime Minister Keir Starmer are not physically present in Rome.
This meeting in Rome marks the fourth international conference on Ukraine’s reconstruction since the large-scale Russian invasion in February 2022. Previous editions took place in Berlin, the UK, and Switzerland, raising over €16 billion according to official figures. The World Bank estimates the total reconstruction cost to be more than €500 billion.
During the conference, Ukrainian President Volodymyr Zelensky renewed his call for a “coalition for recovery” and advocated for a Marshall Plan-like approach. He also urged the use of seized Russian assets. German Chancellor Friedrich Merz reiterated his “unwavering support” for Kyiv and urged the United States not to abandon Ukraine.
