The European Union on Thursday pledged to ramp up its financial and political support for Ukraine at the Ukraine Recovery Conference in Rome, aiming to mobilize up to €10 billion ($11.7 billion) in new investments for the country's reconstruction and long-term development.

European Commission President Ursula von der Leyen and European Council President Antonio Costa unveiled a series of new initiatives and reaffirmed Europe's unwavering backing for Ukraine amid the Russia-Ukraine war, now in its fourth year.

Speaking at the conference, von der Leyen announced the launch of a landmark investment initiative named the European Flagship Fund for the Reconstruction of Ukraine designed to attract large-scale private sector investment. The fund, developed jointly with Italy, Germany, France, Poland, and the European Investment Bank, is expected to kickstart major projects in energy, transport, raw materials, and dual-use industries.

"We are literally taking a stake in Ukraine's future by leveraging public money to bring large-scale private sector investments and to help rebuild the country," she said.

She reaffirmed the EU's leadership in supporting Ukraine financially. "This year alone we will cover 84% of Ukraine's external financing needs."

Alongside the new fund, von der Leyen also announced a new €1 billion macro-financial assistance payment and over €3 billion disbursement from the Ukraine Facility.

Costa praised Ukraine's diplomatic efforts toward peace despite continued Russian strikes, stressing that the EU would continue using sanctions, defense support, and diplomacy to push for a just and lasting resolution.

Both von der Leyen and Costa voiced strong support for Ukraine's EU accession journey. Costa confirmed that Ukraine had met the conditions to open the first cluster of accession negotiations, urging EU leaders to move forward without delay.

Separately, in a written statement, the European Commission unveiled an additional €2.3 billion financial support package for Ukraine's recovery. This includes €1.8 billion in loan guarantees and €580 million in grants, expected to mobilize investments across critical sectors such as energy, infrastructure, and small businesses.

"It is expected to mobilise up to €10 billion in investments in Ukraine," the statement said.