Ukraine's allies launch new $1.17bn reconstruction fund
Rome
Kiev's European partners launched a reconstruction fund to help rebuild war-torn Ukraine at an international conference in Rome on Thursday. The fund, which will also be supported by the private sector, is to be used primarily to repair and rebuild the country's energy infrastructure, which has been ravaged by more than three and a half years of war. In addition, the money can be used to support industrial companies and digital data centres.
Germany said the new fund, supported by Berlin, Italy, Poland, France and the European Commission, will initially comprise €1 billion ($1.17 billion).
Representatives from around 60 countries, as well as international organizations and private companies, are participating in the two-day meeting in the Italian capital. The Rome meeting is the fourth Ukraine recovery conference since February 2022. According to official figures, the four conferences to date have mobilized more than €16 billion.
Speaking at the conference, Ukrainian President Volodymyr Zelensky called for an international 'coalition for recovery' to help rebuild Ukraine. He renewed his request for a Marshall Plan for Ukraine, modelled on the massive investment provided by the United States for Germany and other countries after World War II.
German Chancellor Friedrich Merztold Zelensky: 'Our support for your country is unwavering.' Merz also sent a message to US President Donald Trump at the conference, who has made a series of U-turns on his Ukraine policy since returning to the White House in January. 'Stay with us and stay with the Europeans. We are on the same page. And we are looking for a stable political order in this world,' Merz said.
French President Emmanuel Macron and British Prime Minister Keir Starmer are not attending the conference in person. However, Starmer said in London on Thursday that European plans for a peacekeeping force to aid Ukraine once the war ends are now 'mature' after months of planning.
French President Emmanuel Macron meanwhile described the so-called coalition of the willing as 'ready to go' once a ceasefire is agreed.
Under the coalition plans, troops from France and the UK would be placed in Ukraine, while other countries would provide logistical support, all with the aim of deterring further Russian aggression. European leaders have insisted the arrangement would be dependent upon a US 'security guarantee,' likely in the form of air support, something President Donald Trump has been unwilling to openly say he would provide. Starmer and Macron dialled into a call with allies who make up the coalition from the UK's military headquarters at Northwood in London.
Italian Prime Minister Giorgia Meloni and Zelensky joined the call from the Ukraine Recovery Conference in Rome.
Repairing the damage done by more than three years of war will cost more than $1 trillion over a 14-year period, Ukrainian Prime Minister Denys Shmyhal told the conference in Rome by video link. Ukraine was looking into the creation of two funds to the amount of around $1 trillion. One fund administered by Kiev should be financed by Russian assets seized abroad for $540 billion, and a second for $460 billion would come from private investors, he said.
Meanwhile,the number of Ukrainian civilians killed or injured in Russian attacks reached its highest level in three years in June, according to the United Nations, a report from Kiev said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Qatar Tribune
16 hours ago
- Qatar Tribune
Palace considering appeal to CAS after demotion to Conference League
PA Media/dpa London Crystal Palace have confirmed they are considering an appeal to the Court of Arbitration for Sport (CAS) after being demoted to the Conference League for breaching UEFA's rules on multi-club ownership. Palace qualified for the Europa League thanks to their FA Cup final victory over Manchester City in May, but missed a March 1 deadline to demonstrate that US co-owner John Textor, also a part-owner at Lyon, had no control or influence over more than one club in the same competition. UEFA's Club Financial Control Body (CFCB) determined that Textor's interest in both Palace and Lyon meant only one of the clubs could enter the Europa League, with Lyon's higher league position edging out Palace. A Palace statement on Friday night read: 'Crystal Palace FC are extremely dismayed by UEFA's decision to exclude the club from the Europa League.' 'It's clear for everyone to see that we are not part of a multi-club operation and never have been. Further with the completion of the sale of Eagle football's shareholding to Woody Johnson there will be zero possibility of a conflict of interest once the competition begins.' 'We will continue to press our case and work with UEFA to achieve the fair and just outcome so that we may take our rightful place in the Europa League, as well as taking legal advice to consider our options, including an appeal to the Court of Arbitration for Sport (CAS).' Palace chairman Steve Parish declared it 'a bad day for football' and 'a terrible injustice' after the club were demoted to the Conference League. Parish told Sky Sports: 'We are obviously devastated, most importantly for the supporters. Supporters of all clubs should be devastated for it.' 'This means something, you win a cup for the first time in your history and it's like winning the lottery and going to the counter and not getting the prize.' 'It is a bad day for football. Most right-minded football fans will see what a terrible injustice this is for the football club and one that I hope someone can remedy because I do believe that nobody in football wants to see this - I don't think UEFA want to see it.' 'Clubs that rightly qualify being locked out on the most ridiculous technicality that you could imagine.' UEFA said the decision could be appealed against at the Court of Arbitration for Sport. Parish said: 'We are looking at all options. Appealing is one option. I think we would much prefer if someone intervened, we believe it is possible for someone to do that.' Palace will drop into the Conference League, with Nottingham Forest expected to replace them in the Europa League, though this has not been confirmed by UEFA. UEFA had to postpone a decision in the case pending the outcome of an appeal by Lyon against a decision by French football's financial regulator to relegate them to the second division. Lyon had reached a settlement with UEFA agreeing to be excluded from European competition if that relegation was upheld on appeal, but on Wednesday the club learned they had overturned the original decision and held on to their top-flight spot. At that point, Palace's prospects of playing in the Europa League appeared to recede considerably. Textor has agreed to sell his shareholding in Palace to New York Jets owner Woody Johnson. Parish added: 'Yesterday we received Premier League approval for the deal. The deal will be completed some time over the weekend, or Monday or Tuesday.' 'It's 100 per cent certain and UEFA know that's a done deal.' 'By the time we get to the competition, John won't have anything to do with Crystal Palace and he won't have anything to do with Lyon.'
Qatar Tribune
16 hours ago
- Qatar Tribune
More migrants cross English Channel a day after Macron and Starmer sign deal
DPA London More than 350 migrants crossed the English Channel on Friday, the latest Home Office figures. The crossings came one day after British Prime Minister Keir Starmer signed a deal with French President Emmanuel Macron aimed at deterring migrants from making the perilous journey. According to the Home Office, some 353 people made the trip across the channel by small boat on Friday. This was down from the 573 people who crossed on Thursday, the first time any such journeys were made in a week. More crossings were witnessed on Saturday, but the full figures are yet to be published. Border force vessels and the RNLI were called out on both Thursday and Friday to reports of multiple boats crossing the channel, the Coastguard said. A statement from the Coastguard said: 'HM Coastguard has been co-ordinating a response to multiple incidents involving small boats in the Channel on 10 and 11 July. UK Border Force and RNLI vessels have been sent as part of this response.' Under the terms of the deal agreed by the prime minister and Macron, the UK will for the first time be able to send migrants back to France in exchange for asylum seekers with links to Britain. The so-called one in, one out deal is due to begin in weeks on a pilot basis, but needs final legal verification from the EU. Downing Street has indicated ministers expect the EU to support the arrangement, amid concerns among some European governments that migrants who have travelled to Britain could end up back on their territory. No details have been given about how many people will be covered by the pilot, but French officials had indicated it could initially be limited to about 50 a week, a small fraction of the weekly average this year of 782. At least 21,000 people have already made the journey since January, putting 2025 on course to be a record year for crossings.
Qatar Tribune
16 hours ago
- Qatar Tribune
2 dead as Russia attacks Ukraine with 600 drones
Agencies LONDON Hundreds of Russian attack drones and more than two dozen cruise missiles targeted Ukraine overnight, killing at least two people, as Moscow continued its campaign of nighttime strikes against civilian areas throughout the country, officials said. The deaths were in Chernivtsi, in the country's southwest, President Volodymyr Zelensky said, adding that the attack's targets stretched from the Kharkiv and Sumy regions in the east across to the Lviv region in the west. 'My condolences to their families and loved ones,' Zelensky said in a statement posted to social media. 'Around 20 more people injured in the attack are receiving all the necessary assistance.' Ukraine's Ministry of Defense said Russia fired at least 597 attack drones and 26 cruise missiles overnight. Some 319 drones and 25 missiles were shot down by Ukraine's defenses, the military said in a post to the Telegram messaging app, adding that another 258 drones 'were suppressed by electronic warfare.' Russia's Ministry of Defense said in a statement that it carried out a 'group strike with long-range air-based high-precision weapons and drones' that targeted Ukrainian defense industry targets in several cities. The ministry said it also struck a military airfield. Russia's overnight attacks have escalated in recent weeks, which have included several nights where Moscow launched record-breaking numbers of attack drones and missiles at Ukrainian cities, according to Ukraine. 'The pace of Russia's aerial strikes demands swift decisions — and it can be curbed through sanctions right now,' Zelensky said on Saturday. Residents inspect the site of an apartment building damaged during Russian drone and missile strikes, amid Russia's attack on Ukraine, in Lviv, Ukraine July 12, 2025. He called for tough sanctions on countries that are helping Russia produce drones and those that are buying oil produced or sold by Russia. And he said he sought more air-defense systems to help protect Ukraine. 'This war can only be stopped through strength,' Zelensky said. 'We expect not just signals from our partners, but actions that will save lives.' Western Ukraine was hardest hit in the night's drone strikes, Prime Minister Denys Shmyha said in Ukrainian on the Telegram messaging app.
