Ukraine Reconstruction Conference in Rome: What aid to expect and what sums our country needs
Kyiv • UNN
The meeting in Rome will focus on Ukraine's long-term recovery and the mobilization of investments, particularly private sector funds.
In Rome, on July 10-11, a conference on the reconstruction of Ukraine will be held, which will be opened by President Volodymyr Zelenskyy. What will happen at this conference, what were the results of previous similar meetings, and how much money is needed for the reconstruction of our state - economist Oleh Pendzyn told UNN journalist.
Conference on the Reconstruction of Ukraine in Rome
The conference on the reconstruction of Ukraine will take place in the Italian capital on Thursday and Friday with the aim of mobilizing investments, particularly private sector funds, for our state, which is experiencing its fourth year of a difficult war.
The meeting, which will also be attended by EU head Ursula von der Leyen and German Chancellor Friedrich Merz, along with 15 other heads of state and government, will focus on Ukraine's long-term recovery. Ukraine hopes to sign energy agreements, as its energy system has regularly suffered from Russian attacks, as well as cooperation in the defense industry.
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Zelenskyy, who arrived in Rome on Wednesday to meet with the head of state of Italy, President Sergio Mattarella, and Pope Leo IV, emphasized that Ukraine's urgent need remains protection from intensified Russian missile and drone attacks.
"Representatives of Ukraine will have a specific set of tasks focused on immediate defense – the defense of our cities and our communities," he said in his address on Monday evening.
The United States, previously Ukraine's largest sponsor, will be represented by President Donald Trump's envoy for Ukraine and Russia, Keith Kellogg.
How much money is needed for the reconstruction of Ukraine
This is already the fourth such summit since the beginning of active hostilities. The first reconstruction conference took place in 2022 in Lugano. Then there was The Hague, then London, and now Rome. In Lugano, Prime Minister Shmyhal announced a figure of 750 billion dollars, which was not supported by any documents. They were essentially taken out of thin air
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Pendzyn also reminded that there is a relevant fund that calculates the damages caused to Ukraine. Analysts of this fund speak of damages amounting to 450 billion dollars.
"There is a relevant fund that collects information about the damages caused to Ukraine by the war. There are figures, there is an official submission of documents, there are a lot of relevant procedures. This fund has been operating since the fall of 2023. And they name the figure of 450 billion dollars," the economist explained.
Pendzyn also clarified that within the fund, the calculation of damages is carried out according to several categories, including housing stock, infrastructure facilities, energy facilities, etc. But in general, the final calculation of damages can only be made after the end of active hostilities, when our state stops suffering constant destruction.
The housing stock, industrial enterprises, infrastructure facilities, and energy facilities are clearly separated there. But the figure of damages is not static. It constantly increases every day, with every shelling, with every disaster. Therefore, it will be possible to talk about some final figure only when the active phase of hostilities officially ends
Decisions made at previous reconstruction conferences
Oleh Pendzyn explained that each of the conferences dedicated to the reconstruction of Ukraine made decisions regarding various ways of assisting Ukraine, using all available means and resources.
"All those conferences that exist, on the reconstruction of Ukraine, have several goals. The first goal is to determine the issues of construction. At the first conference in Lugano, the question of a Marshall Plan for Ukraine was raised. Then it quietly faded away. At the conference in London, Ursula von der Leyen announced the allocation of 18.5 billion euros to Ukraine for 2024. Then in 2024, the question was raised about providing Ukraine with a loan of 50 billion dollars from the proceeds of frozen Russian assets for 2025," the economist said.
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Pendzyn added that, one way or another, each stage is designed for a certain perspective to achieve tactical prospects.
"Every time some processes take place that are actually extremely useful for Ukraine, at least from the point of view of current financing and solving issues related to providing funds for a certain tactical perspective," Pendzyn added.
How the meeting in Rome will proceed
Also, according to Pendzyn, the meeting will take place in two formats, including a governmental one, when a decision will be made to allocate certain sums to support our state. Also, there will be communication with businesses, because it is they who will take the most active part in the reconstruction of Ukraine and the search for funds for this process.
There is a governmental format, where meetings are held with politicians who determine the prospects for financing Ukraine. Probably this year, 100 billion euros from the European budget will be announced for financing Ukraine. And the second format is the format of communication with businesses, which, in fact, should fill the main ways related to the reconstruction of Ukraine and the search for funds. After all, it is clear that the reconstruction of Ukraine will not be financed by the funds of European taxpayers
Finally, Pendzyn mentioned that funds from the frozen assets of the Russian Federation will be actively involved in the processes of Ukraine's reconstruction.
"The option of attracting 100 billion euros, including from frozen Russian assets, is being considered. These are approximately the approaches," the economist concluded.