Live Ukraine Recovery conference by Ursula van der leyen

Live Reporting Of Ukraine Recovery

It is an honor to stand before you today, esteemed Prime Minister of Georgia, President Zelenskyy, and distinguished guests. I am thrilled to be here, surrounded by leaders who share a common goal: to support Ukraine in its time of need.

I vividly recall the first Ukraine Recovery Conference, held three years ago. Just a few months prior, Russia had unleashed unprecedented destruction and bloodshed upon Ukraine, reminiscent of the darkest days of World War II. Yet, amidst the rubble and devastation, the Ukrainian people refused to be defeated. They picked themselves up, dusted themselves off, and began rebuilding their shattered lives. And Europe, as one, stood by their side, providing unwavering support.

Today, we gather in this eternal city to reaffirm our commitment to Ukraine's future. Our resolve remains unflinching, our support unwavering. Ukraine can count on Europe, now more than ever. We will continue to stand in solidarity with Ukraine on all fronts: military, financial, and political.

On the military front, Ukraine's bravery and resilience have defied expectations. Ukraine's military has achieved what many thought impossible: it has held back Russian aggression, crippled its navy, and impressed us all with its innovative spirit. Ukraine is the front line of military innovation, and we must continue to invest in its defense and technological primacy. Our Defense Readiness 2030 plan will provide the necessary resources and fiscal space to deliver a surge in military capabilities.

Furthermore, we will support Ukraine's defense industry, allowing member states to procure high-quality, fast, and affordable weapons systems directly from Ukraine. This will not only benefit Ukraine but also provide a much-needed revenue boost to its defense industrial base.

On the financial front, Europe has been, and will remain, Ukraine's largest donor. Since the full-scale invasion, we have provided almost 165 billion euros in support, with 84% of external financing needed covered this year alone. Today, I am pleased to announce an additional 1 billion euro payment in macro-financial support, as well as a payment of over 3 billion euros from the Ukraine facility. These guarantees and grants will unlock 10 billion euros in investments for growth, recovery, and reconstruction.

We are also launching the European Flagship Fund for the Reconstruction of Ukraine, the largest equity fund globally to support reconstruction. This fund will, together with the private sector, kickstart investment in critical industries, such as energy, transport, and dual-use technologies.

Finally, on the political front, Ukraine is making tremendous strides in reform, passing legislation after legislation, despite relentless fire. Ukraine stands ready to proceed with the next step on the accession path, and we must reciprocate by moving forward on the accession process, based on merit. The commission is clear: Ukraine is ready to open cluster one, the fundamentals cluster.

This recovery conference is about bringing Ukraine and its future closer to Europe. Ukraine's future is in Europe, and Europe's future is intertwined with Ukraine's. Let us make it happen together. Slava Ukraini! Long live Ukraine, and long live Europe!