Ukrainian President Volodymyr Zelensky will travel to Rome this week for an international conference aimed at securing long-term support for rebuilding Ukraine, as US military aid remains uncertain.
The Ukraine Recovery Conference, to be held Thursday and Friday in the Italian capital, will bring together leaders from 15 countries and hundreds of businesses. The goal is to mobilize investments – especially from the private sector – as Ukraine enters the fourth year of full-scale war following Russia’s 2022 invasion.
European Commission President Ursula von der Leyen and German Chancellor Friedrich Merz are among the top officials attending. The United States, once Ukraine’s largest backer, will be represented by President Donald Trump’s special envoy for Ukraine and Russia, retired Gen. Keith Kellogg.
Zelensky is expected to arrive in Rome on Wednesday for a meeting with Italian President Sergio Mattarella. On Thursday morning, he will open the conference alongside Italian Prime Minister Giorgia Meloni.
While the gathering will focus on Ukraine’s long-term recovery – including energy and defense cooperation – Zelensky stressed that Ukraine’s most urgent need remains defense.
“Ukrainian representatives will have a concrete set of tasks focused on immediate defense — the defense of our cities and our communities,” he said in a televised address Monday night.
Ukraine is especially interested in energy deals, as its power grid is repeatedly targeted by Russian missile and drone strikes. It also hopes to expand cooperation in defense manufacturing.
Despite the drop in American aid, European countries have helped fill the gap with continued financial, military, and humanitarian support, according to the Kiel Institute’s Ukraine Support Tracker. Still, it’s unclear how long Europe can sustain this level of backing.
The World Bank estimates that rebuilding Ukraine will cost $524 billion over the next 10 years – nearly three times the country’s projected GDP for 2024. Italy’s government says this level of recovery won’t be possible without private investment.
More than 2,000 companies – including around 500 from Italy – are expected to attend the Rome conference, along with civil society groups.
Still, convincing investors to put money into a country at war remains a challenge. Talks pushed by Washington to attract private funds have so far made little progress.
“The recovery of our state is a real, daily process that continues despite constant shelling from Russia,” Ukraine’s Minister for Recovery Oleksii Kuleba said in a statement. “We will present specific achievements, examples of effective cooperation, and new projects that investors can join today.”
Besides investment and reconstruction, the conference will also touch on Ukraine’s path toward joining the European Union and the challenge of rebuilding its workforce after years of war and mass displacement.