The international Ukraine Recovery Conference took place in Lugano, Switzerland on 4-5 July 2022.

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>@O. Sushytska/EIB

I have been honoured to take part in the Lugano conference and to once again pledge our support to Ukraine and its citizens. Like everyone here, we have been deeply saddened by the loss of lives and by the sheer scale of destruction seen right across the country as a result of the full-scale Russian aggression.

The EIB welcomes very much the first comprehensive reconstruction plan presented by the Ukrainian government, as well as the reconstruction principles embedded in the “Lugano Declaration.”

The magnitude of the reconstruction requires that Ukraine’s international supporters pull together under a common strategy to support the reconstruction efforts. Ukraine’s recovery plan presented yesterday by the government shall be the backbone of this strategy. As stated, the EU is called upon to take a leading role with Ukraine in coordinating international efforts. This is particularly relevant in view of Ukraine’s candidate status, which I am delighted has been formalised, and also in view of the necessary reforms that will have to take place.

The EU Bank is ready to play its role in Ukraine’s reconstruction as part of the EU family – working in partnership with Ukraine, and coordinating with our partner financial institutions

In this spirit, I was happy to announce yesterday EIB’s offer to set up an EU-Ukraine Gateway Trust Fund that would provide a mechanism to facilitate the EU’s reconstruction efforts. This trust fund could allow for contributions not only from EU Member States, but also from other countries and partners, further facilitating cooperation between donors, and ensuring the efficient and effective management of funds. The fund could be deployed in support of both the public and the private sector projects alike.

The EIB could have such an instrument operational in a matter of weeks, taking advantage of existing mechanisms within the Bank, tailored to the political steer and control requirements of the Ukraine Reconstruction Platform envisaged by the EU.

I wish to conclude with reiterating one more time that we are committed to working closely with Ukraine, with the European Commission, and with our partner financial institutions, to do whatever we can to support Ukraine’s recovery and its journey towards EU Membership.