On Wednesday, Italy declared its intention to play a significant role in Ukraine’s reconstruction and pleaded with European Union agencies to support the effort to restore a nation that has been devastated by more than a year of war with Russia.
At a bilateral summit with Ukraine held in Rome to discuss reconstruction efforts, Italy struck a supportive tone, stating that both private and public capital should contribute in addition to international organisations and multilateral banks.
In a joint statement with Ukrainian Prime Minister Denys Shmyhal, Prime Minister Giorgia Meloni remarked, “We want to play a leading role not only politically but also by involving businesses.”
Meloni, who assumed leadership of a right-wing coalition in October, urged Italian businesses to support the rehabilitation of Ukraine and referred to it as a “far-sighted” investment.
Rebuilding will now cost $411 billion, up significantly from the previous estimate of $349 billion by the World Bank, United Nations, European Commission, and Ukraine.
Italy will support Kyiv’s EU membership, according to foreign minister Antonio Tajani, who also asked that Russia shoulder some of the restoration costs.
“Any resolution of the conflict will have to ensure that Russia pays for the damage it has caused,” he declared.
Ukraine’s Shmyhal stated that starting the rehabilitation process this year is absolutely crucial and that Kyiv has highlighted a $14 billion financial deficit as a priority for 2023 during a recent visit to the United States.
Giancarlo Giorgetti, the economy minister for Rome, urged EU institutions to use their own funds to support Kyiv’s efforts and stressed the importance of the European Investment Bank (EIB).
He further stated that Italy would contribute to the newly established EIB guarantee fund known as “EU for Ukraine” with a guarantee worth 100 million euros ($110.34 million).
Despite resistance from some of her own coalition partners, Meloni has steadfastly adhered to the pro-Ukraine policies of her predecessor Mario Draghi.
In Italy, public opinion surveys have generally found only lukewarm support for Ukraine. Only 30% of Italians, compared to 52% in France and 48% in Germany, supported sending weapons or air defence systems to Kiev, according to a recent IPSOS survey.
