European political leaders and private investors convened in Rome for the Ukraine Recovery Conference 2024, calling for urgent global investment in rebuilding Ukraine as Russia ramped up missile and drone strikes on Kyiv. Italian Prime Minister Giorgia Meloni and Ukrainian President Volodymyr Zelenskyy opened the high-stakes conference with strong calls for action.
As the war stretches into its fourth year, the conference spotlighted a new European equity fund, major public-private partnerships, and over €10 billion in pledges to drive Ukraine's recovery.
As the conference opened, Moscow launched one of the heaviest overnight attacks on Ukraine's capital. Still, world leaders pressed forward. Meloni emphasized the need for urgent investment and promised that rebuilding Ukraine would not be a risk—but a resilient, strategic opportunity.
The European Commission announced the European Flagship Fund for the Reconstruction of Ukraine, now the largest equity fund created for the war-torn nation. Meloni confirmed the conference would finalize guarantees and grants to unlock investments exceeding €10 billion (about $12 billion).
Zelenskyy urged investors to back Ukraine’s domestic defense industry, highlighting advanced drone technologies. He promised to share innovation and skills with partners, declaring Ukraine’s resilience a shared security asset. "We will only welcome true partners—those not helping Russia," he said.
Ukrainian British businessman Alexander Temerko praised the Rome summit’s focus on specific sectors. The program included practical workshops on “de-risking” investments and sectoral talks on energy, infrastructure, mining, and domestic defense.
The event drew 100 official delegations, 40 global organizations, and 2,000 representatives. European leaders, including German Chancellor Friedrich Merz and European Commissioner Ursula von der Leyen, participated. A videoconference with France and the UK confirmed support for a “coalition of the willing,” ready to deploy troops to enforce any future peace deal.
Retired Lt. Gen. Keith Kellogg joined the coalition’s meeting, marking Washington’s growing involvement. Meanwhile, U.S. Senators Lindsey Graham and Richard Blumenthal, also in Rome, promoted a bill imposing 500% tariffs on countries buying Russian oil—pressuring China and India.
Still, uncertainty looms over America’s military role. While some arms deliveries resumed, the Trump administration has yet to confirm broader support. Merz appealed directly to the U.S., urging unity. Kellogg replied in German: "We are here."
