Speech by President von der Leyen at the Ukraine Recovery Conference

“Check against delivery”

Prime Minister Meloni,

President Zelensky,

Dear Olena,

Dear colleagues, 

I remember well the first Ukraine Recovery Conference three years ago. It was just a few months after Russia unleashed destruction and bloodshed, on a scale not seen since the second world war. I remember the pain of the Ukrainian people. But even more vividly, I remember just how quickly they picked themselves up, and began to rebuild. In the liberated towns

of Irpin and Bucha, and with restored homes, schools and hospitals. And Europe has been there at your side, from day one. Today we gather in this eternal city to show our enduring commitment to Ukraine. Our resolve is unflinching, our support unwavering. Because we will always be at Ukraine's side, for as long as it takes. Now more than ever, Ukraine can count on Europe. Our solidarity continues on all fronts – militarily, financially, and politically. And let me start with the military side.

Ukraine's military has done what many said was impossible – holding back the Russians and crippling their navy and bomber fleet. Ukraine is the frontier of military innovation. But Russia's arms race continues. This is a war of resources and competing defence systems, as much as a war of values. So, we must continue to invest in Ukraine's defence and tech primacy. Our Defence Readiness 2030 plan will be key. It will make available the necessary resources and fiscal space to deliver a surge in military capacity. And it will boost investment in Ukraine's defence capabilities.

In addition, supporting Ukraine will also allow Member States to reach their NATO target of 3.5 plus 1,5% of GDP. All told, over EUR 800 billion can be mobilised. So there is sufficient finance. But we also need to organise to ensure that the needs of Member States and Ukraine can be matched. This is why we will be working through the SAFE instrument to create a mechanism to bring this together. Ukraine has cutting edge weapon systems and can deliver really fast and at low cost. This is precisely what we need in the EU. But Ukraine's defence industry is only operating at 60% of capacity. Now, our Member States can take their SAFE loans and procure directly from Ukraine's defence industry. For our Member States it is top-notch quality, fast and cheap. For Ukraine, it is both crucial revenues. But also, an opportunity to strengthen its defence industrial base.

To my second point. Since the full-scale invasion, Europe has been and is Ukraine's largest donor – with almost EUR 165 billion of support. This year alone we will cover 84 % of external financing needed. As part of this support, I can announce EUR 1 billion payment in macro financial support as well as a payment of more than EUR 3 billion from the Ukraine Facility. The guarantees and grants that we are signing at this Conference are set to unlock up to EUR 10 billion in investments for growth, recovery and reconstruction. And we will ensure that Ukraine is supported until 2028 and beyond, when the new European budget kicks in.

The new partnership with Ukraine will also play a key role in boosting private sector investment that will be critical to reconstruction. And we will be able to build on strong foundations. I am particularly pleased to announce today the European Flagship Fund for the Reconstruction of Ukraine, the largest equity fund globally to support Reconstruction. It will kickstart investment in energy, transport, critical raw materials and dual use industries. We are literally taking a stake in Ukraine's future by leveraging public money to bring large scale private sector investments and to help rebuild the country. I am particularly pleased that we are building it together with Italy, Germany, France, Poland and the European Investment Bank. And I trust that others will want to join. The people of Ukraine are ready to drive their country's economy into the future. The time to invest is now.

Finally, on political support. Under relentless fire, Ukraine is passing reform after reform. Ukraine stands ready to proceed with the next step on the accession path. Ukraine is delivering on its reforms – now we must too. Because the accession process is based on merit. And Ukraine merits moving forward.

For millions of Ukrainians – soldiers, teachers, doctors, farmers, for Ukrainians from all walks of life, the future has two flags. The flags of Ukraine and of Europe. This Recovery Conference is all about bringing Ukraine into the future. And Ukraine's future is Europe. Let us make it happen together.

Slava Ukraini. Long live Europe.