The European Union has disbursed the first 3 billion-euro ($3.4 billion) tranche of a 90 billion-euro ($101 billion) loan to Ukraine, Ukrainian Prime Minister Yulia Svyrydenko announced Thursday at the opening of a conference on Ukraine's post-war recovery in Poland. The conference in Warsaw was attended by key European leaders including German Chancellor Friedrich Merz and European Commission President Ursula von der Leyen.
Svyrydenko told delegates that Ukraine was grateful for the support promised to her war-battered nation, adding: "We are forced to innovate to survive and this has become our superpower." The conference comes as Ukraine enters the fifth year of the conflict that began with Russia's full-scale invasion in February 2022, and just 10 days after the country officially started EU membership negotiations on June 15.
Europe's Long-Term Commitment
Von der Leyen said the EU was reasserting its financial commitment to Ukraine days after membership talks began. She said that since the beginning of Russia's full-scale invasion in February 2022, EU countries have provided 200 billion euros ($225 billion) in economic, financial and military support to Ukraine, and approved 90 billion euros ($101 billion) more over the next two years in the form of an EU support loan.
The Commission President added that the EU will start paying another 6 billion euros ($6.7 billion), a second tranche from the loan dedicated to drone production, "in the coming days." The announcement underscores the EU's determination to support Ukraine's defense capabilities as well as its economic reconstruction.
New Equity Fund Targets Strategic Investment
In a separate initiative, European leaders meeting in Gdansk said they are kicking off a European equity fund dedicated to investments in strategic sectors of the Ukrainian economy. Merz said the fund originated at last year's recovery conference in Rome and is supported by the EU, Germany, Poland, Italy and France.
"With an initial public package of up to 220 million euros, we are creating the confidence and the risk-sharing mechanism that private investors need to engage now," Merz said. He added that although public funding alone will never be enough to rebuild Ukraine, "by investing now and committing long-term capital, Europe's is sending a clear message: we believe in Ukraine's future within the European family."
Svyrydenko said the Ukrainian delegation is planning to sign 160 deals totaling over 10 billion euros ($11.2 billion) during the conference in Gdansk.
Diplomatic Tensions Shadow Conference
She led the Ukrainian delegation after President Volodymyr Zelenskyy pulled out just days before, following a dispute with Polish President Karol Nawrocki over World War II events that have strained the countries' relations. Nawrocki this month stripped Zelenskyy of Poland's highest state honor because Zelenskyy named a military unit after a Ukrainian paramilitary organization accused of massacring Poles during the war.
The Ukrainian Insurgent Army, or UPA, fought for Ukrainian independence against both Nazi German and Soviet forces. But it is accused in Poland of wartime killings of tens of thousands of Poles, most in the Nazi-occupied regions of Volhynia and Eastern Galicia, which the Polish state qualifies as genocide. Zelenskyy has since returned the award to Poland, with other Ukrainian officials also following suit.
Polish Prime Minister Donald Tusk said that Zelenskyy's absence at the conference might help reduce the tensions. Svyrydenko made no reference to the dispute in her speech. Tusk said, "We can only build the future on the basis of truth, mutual respect and understanding the past."
Why This Matters:
The disbursement of the first tranche of the EU's 90 billion-euro loan package demonstrates that European solidarity with Ukraine remains strong in the fifth year of the conflict, even as the war places enormous strain on both Ukrainian society and European public finances. The combination of immediate financial support, defense funding for drone production, and long-term investment through the new equity fund reflects a recognition that Ukraine's recovery cannot wait for peace — reconstruction and economic development must begin now. The diplomatic tensions between Poland and Ukraine over historical memory underscore the fragility of regional unity at a moment when European cohesion is essential. For the center-left, this conference represents both the promise and the challenge of European integration: the EU's capacity to mobilize resources at scale, but also the need for member states to navigate historical grievances without undermining the common project of supporting a country fighting for its survival and its European future.