ContextOpening speech at the Ukraine Recovery Conference in Gdańsk, Poland, hosted by Prime Minister Donald Tusk with Ukrainian and EU leaders.
Why it mattersDonors and investors coordinate the rebuilding of Ukraine, with the EU as the largest backer.
- Russia's war devastated Ukraine's economy.
- Ukraine needs massive investment to rebuild.
- Investors see high risks.
- Strengthen Ukraine's economic foundations.
- Advance Ukraine's European path.
- Create opportunities for investment and growth.
Read the speech summary
1. Gdańsk and Ukraine's European path
Speaking in Gdańsk at the Ukraine Recovery Conference, Commission President Ursula von der Leyen praised the city's solidarity, from hosting 5 000 families to teaching in Ukrainian, and drew a parallel between Gdańsk's role in Poland's freedom and Ukraine's courage today. Ukraine's forces have shifted battlefield momentum and its drone production now matches or exceeds Russia's. Accession talks opened this month with the first cluster, on rule of law, democratic institutions and public administration; accession remains merit-based, and Ukraine is already joining roaming and payment schemes, so that investing in Ukraine means investing in a single market worth about 20 trillion euros.
2. Money and investment
The EU and member states have provided over 200 billion euros in support, and a new support loan adds 90 billion over two years; the first tranche of 3.2 billion in macro-financial aid is being paid today, and payments start soon from 6 billion for drone production. A new flagship fund, billed as the biggest equity vehicle for Ukraine's reconstruction, is ready, backed by the EU, Poland, France, Germany and Italy, able to mobilise up to half a billion this year and 1 billion over time, with public capital taking first losses to draw private investors.
3. A security partnership
Ukraine is also a security provider, whose battlefield experience and innovative defence firms, from interceptor drones to jamming systems, benefit Europe; examples include Ukrainian-designed drones built in Germany and missile fuel soon made in Denmark. The mix of Ukrainian ingenuity and European industrial scale is the recipe, and the lesson of Gdańsk is that solidarity leads to freedom.