Ukraine Recovery Conference concludes with focus on funding, not peace

The two-day Ukraine Recovery Conference wrapped up in Rome on Friday, but the vision of rebuilding the war-torn country remains largely theoretical amid the absence of a ceasefire.

Co-hosted by Italy and Ukraine, the conference brought together top European leaders, including European Commission President Ursula von der Leyen, as well as representatives from Germany, Poland, Greece, Albania, and a U.S. special envoy.

Ukrainian President Volodymyr Zelenskyy addressed the forum on Thursday, urging the international community to strengthen sanctions against Russia and boost support for Ukraine’s eventual reconstruction. He highlighted growing drone and missile attacks on Kyiv, underlining the need for external investment not only for recovery but also for enhancing Ukraine’s defences.

Zelenskyy also met with U.S. Special Envoy Keith Kellogg on Wednesday in Rome, where the two discussed military aid and the urgent need for improved air defence systems. Their meeting came as Ukrainian cities continued to suffer under relentless Russian aerial assaults.

Earlier this month, Politico reported that the United States had paused shipments of key air defence munitions to Ukraine due to concerns about dwindling domestic stockpiles. However, Zelenskyy announced on Friday that U.S. military assistance had resumed, though its long-term continuity remains uncertain amid Washington’s shifting priorities and its ongoing reluctance to extend NATO membership to Ukraine.

These realities present significant hurdles to Ukraine’s reconstruction ambitions, with recovery plans heavily dependent on the outcome of the ongoing conflict.

A joint report by the Ukrainian government, World Bank Group, European Commission, and United Nations estimates that rebuilding Ukraine over the next decade will cost around $524 billion.

During the conference, Italian Prime Minister Giorgia Meloni said participating countries pledged a combined 10 billion euros (approximately $11.7 billion) to stimulate investment in Ukraine. The European Commission also unveiled a new 2.3 billion euro funding package, involving agreements with international and bilateral financial institutions, to support recovery initiatives.

While the conference showcased investment potential across various sectors—including energy, mining, and defence—some raised concerns over the possible exploitation of Ukraine’s natural and industrial resources under the guise of foreign investment.

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