European leaders announce new equity fund for Ukraine and urge investment even as war accelerates

ROME (AP) — European leaders urged private business and equity on Thursday to invest in rebuilding Ukraine now, even as Russia accelerates its war, as they opened an annual recovery conference with announcements of a new equity fund and public-private partnerships amid uncertainties of the U.S. commitment to Kyiv’s defense.

Italian Premier Giorgia Meloni and Ukrainian President Volodymyr Zelenskyy kicked off the proceedings in Rome as Moscow pounded Ukraine’s capital with another major missile and drone attack overnight in some of the heaviest attacks on Kyiv in the more than three-year war.

The conference is expected to finalize individual deals of guarantees and grants to unlock more than 10 billion euros (around $12 billion) in investments, Meloni said. The European Commission, for its part, announced the creation of the European Flagship Fund for the Reconstruction of Ukraine, the largest equity fund to date to support the country.

“The message we want to send today to businesses is: Don’t be afraid to invest to build and rebuild Ukraine,” Meloni told the gathering of business, political and development representatives. “The reconstruction of Ukraine is not a risk. It’s an investment in a nation that has shown more resilience than any other.”

Zelenskyy told the gathering that investing in Ukraine and especially its domestic defense industry was in Europe's own security interest.

“Ukraine has some of the world’s most advanced drone technologies for both offensive and defensive use, and we are ready to share this expertise and these technologies with our partners," he said. "Ukraine needs investment, you need skills, you need technology, and everything we are building now to protect Ukraine will also help protect you.”

He thanked those countries and companies that have already invested and warned that only friends would be welcome to rebuild: “We will only welcome true partners, those who are not helping Russia continue this war,” he said, without naming specific nations.

Italian organizers said 100 official delegations were attending alongside 40 international organizations and development banks. Around 2,000 businesses, civil society and local Ukrainian governments also sent representatives. They are participating in a trade fair on the grounds of the ministerial-level meeting at Rome's funky new “Cloud” conference center.

It’s the fourth such conference on Ukraine’s recovery, with earlier editions in Lugano, Switzerland in 2022, London in 2023 and Berlin last year.

“It’s basically a platform where a lot of businesses, European businesses and Ukrainian businesses, meet up and network, where you can actually see this public-private partnership in action, because obviously public money is not enough to undertake this gigantic effort of restructuring a country,” said Eleonora Tafuro Ambrosetti, senior research fellow at the Milan-based Institute for International Political Studies, or ISPI.

The World Bank Group, European Commission and the United Nations have estimated that Ukraine’s recovery after more than three years of war will cost $524 billion (€506 billion) over the next decade.

Alexander Temerko, a Ukrainian-British businessman, said that the Rome conference was different from its predecessors because it is focused on specific industries and issues, not just vague talk about the need to rebuild. The program includes practical workshops on such topics as “de-risking” investment, and panel discussions on investing in Ukraine's rare earth minerals, pharmaceutical and domestic defense industries.

“This is the first conference which is considering particularly projects in the energy sector, the mining sector, the metallurgical sector, the infrastructure sector, the transport sector, which need to be restored in Ukraine and during the war especially,” he said.

In addition to Meloni and Zelenskyy, German Chancellor Friedrich Merz, Polish Prime Minister Donald Tusk, Dutch Prime Minister Dick Schoof, European Commissioner Ursula von der Leyen as well as several other European prime ministers, economy and foreign ministers participated.

French President Emmanuel Macron remained in Britain with U.K. Prime Minister Keir Starmer, but they and several of the participants in Rome spoke in a videoconference call Thursday of the “coalition of the willing.” These are the countries willing to deploy troops to Ukraine to police any future peace agreement with Russia.

Retired Lt. Gen. Keith Kellogg, U.S. President Donald Trump’s special envoy to Ukraine and Russia, was in Rome and took part in the “coalition of the willing” videoconference in a first for Washington, Meloni said.

“I think this is a clear sign and a clear example of the unity that we're continuing to work for, for Ukraine's security and our security,” Meloni said.

Zelenskyy met with Kellogg on Wednesday and planned talks with other U.S. officials to discuss the expected adoption of a new U.S. sanctions package, Ukrainian Foreign Minister Andrii Sybiha said Wednesday.

It was a reference to a bill sponsored by Republican Sen. Lindsey Graham and Democratic Sen. Richard Blumenthal, who are both in Rome, calling in part for a 500% tariff on goods imported from countries that continue to buy Russian oil. The move would have huge ramifications for China and India, two economic behemoths that buy Russian oil.

The success of the coalition of the willing's future operation hinges on U.S. backup with airpower or other military assistance, but the Trump administration has made no public commitment to provide support. And even current U.S. military support to Ukraine is in question.

On Wednesday, U.S. officials said the Trump administration had resumed sending some weapons to Ukraine, a week after the Pentagon had directed that some deliveries be paused.

Merz issued an impassioned plea to Washington, and Trump in particular, in his opening remarks.

“Stay with us and stay with the Europeans," he said. "We are on the same page and we are looking for a stable political order in this world.”

Kellogg responded in his own remarks, speaking in German and directing his remarks back to Merz: “Auf Deutsch, wir sind heir. In German, we are here,” he said.

Ukraine's President Volodymyr Zelenskyy, and his wife Olena Zelenska are welcomed by Italian Prime Minister Giorgia Meloni during the Ukraine Recovery Conference at La Nuvola convention center in Rome, Thursday, July 10, 2025. (AP Photo/Gregorio Borgia)

Ukrainian President Volodymyr Zelenskyy is welcomed by Italian Prime Minister Giorgia Meloni during the Ukraine Recovery Conference at La Nuvola convention center in Rome, Thursday, July 10, 2025. (Mauro Scrobogna/LaPresse via AP)

Front row from left, European Commission President Ursula von der Leyen, Olena Zelenska, Ukrainian President Volodymyr Zelenskyy and Italian Premier Giorgia Meloni pose for a family photo on the occasion of the Ukraine Recovery Conference at La Nuvola convention center in Rome, Thursday, July 10, 2025. (Mauro Scrobogna/LaPresse via AP)

Front row from left, European Commission President Ursula von der Leyen, Olena Zelenska, Ukrainian President Volodymyr Zelenskyy, Italian Premier Giorgia Meloni, Polish Prime Minister Donald Tusk and German Chancellor Friedrich Merz pose for a family photo on the occasion of the Ukraine Recovery Conference at La Nuvola convention center in Rome, Thursday, July 10, 2025. (Mauro Scrobogna/LaPresse via AP)

A mother with her daughter sleeps on the stairs of a metro station as they take cover during a Russian attack on Kyiv, Ukraine, on Thursday, July 10, 2025. (AP Photo/Evgeniy Maloletka)

Ukraine's President Volodymyr Zelenskyy, left, meets with United States Special Envoy for Ukraine and Russia, Joseph Keith Kellogg, second right, in Rome, Italy, Wednesday, July 9, 2025. (AP Photo/Gregorio Borgia)

Ukraine President Volodymyr Zelenskyy, left, and Pope Leo XIV wave to journalists during their meeting in Castel Gandolfo, Italy, Wednesday, July 9, 2025. (AP Photo/Gregorio Borgia)

Ukraine President Volodymyr Zelenskyy, left, shakes hands with United States Special Envoy for Ukraine and Russia, Joseph Keith Kellogg, during their meeting in Rome, Italy, Wednesday, July 9, 2025. (AP Photo/Gregorio Borgia)

CHICAGO (AP) — Caleb Williams came through in his playoff debut, throwing a go-ahead, 25-yard touchdown pass to DJ Moore with 1:43 remaining, and the Chicago Bears rallied from an 18-point deficit to beat the rival Green Bay Packers 31-27 in a wild-card playoff game on Saturday night.

The NFC North champion Bears (12-6) extended their resurgent first season under coach Ben Johnson with their seventh fourth-quarter comeback victory. They split two down-to-the-wire games with Green Bay in the regular season, and this one turned out to be a thriller when it looked like it would be a breeze for the Packers (9-8-1).

Chicago trailed 21-3 at halftime and 21-6 through three quarters, only to outscore Green Bay 25-6 in the fourth on the way to its first playoff win in 15 years.

Williams found a wide-open Moore along the left sideline to give Chicago a 31-27 lead with 1:43 remaining.

Jordan Love then led Green Bay into Chicago territory. But on third down at the 28, Jaquan Brisker broke up a pass in the end zone as time expired, setting off a wild celebration — and a curt handshake between Johnson and Packers coach Matt LaFleur.

The Bears will host a divisional-round game next weekend.

Chicago pulled within 21-16 on D’Andre Swift’s 5-yard run early in the fourth quarter. The Packers responded, with rookie Matthew Golden breaking three tackles and leapfrogging a fourth defender on a 23-yard catch-and-run for his first career touchdown, making it 27-16. Brandon McManus missed the extra point wide left.

The Bears then went 76 yards, with Williams throwing an 8-yard touchdown pass to Olamide Zaccheaus and hitting rookie Colston Loveland for the 2-point conversion to make it 27-24 with 4:18 remaining.

The Packers then drove to the Chicago 21, only to come away with nothing when McManus missed wide right on a 44-yard field goal attempt. The Bears responded with the go-ahead touchdown drive and hung on for their first playoff win since the 2010 team beat Seattle in the divisional round at Soldier Field. They had lost three straight in the postseason, starting with a loss to Aaron Rodgers and the Packers in the NFC championship game that season.

Green Bay dominated Chicago for years. But the momentum in the NFL's longest-running rivalry seems to be turning, with the Bears beating the Packers for the third time in the past five games.

The Bears envisioned nights like this when they drafted Williams No. 1 overall last year, and when they hired Johnson in the offseason. Williams delivered after a shaky start, throwing for 361 yards and the two late touchdowns. He completed 24 of 48 passes and was intercepted twice.

Loveland caught eight passes for 137 yards for the Bears, who had closed the regular season with tight losses to San Francisco and Detroit.

The Packers finished a season that began with Super Bowl hopes by dropping five in a row.

Love threw for 323 and four touchdowns after missing the final two regular-season games. He hadn’t played since a helmet-to-helmet hit from Chicago’s Austin Booker in the second quarter of a Week 16 loss at Soldier Field.

Romeo Doubs, Christian Watson and Jayden Reed each had TD catches in the first half. Ty’Ron Hopper stopped a threat in the third quarter when he intercepted a backpedaling Williams near the goal line.

Packers: RT Zach Tom (knee) was inactive after missing the Packers’ final three regular-season games. ... Backup OL Jacob Monk (biceps) left the game in the first half.

Bears: LB T.J. Edwards was carted off the field with an left ankle injury in the second quarter. His left foot got caught up with the leg of Watson and bent awkwardly. He was fitted with an air cast before he was carted away. ... CB Kyler Gordon (groin) was activated from injured reserve after being sidelined since Week 13.

Packers: Start the offseason.

Bears: Host a divisional-round game against either the Los Angeles Rams or Philadelphia. The Eagles play San Francisco on Sunday, and the Rams knocked out Carolina on Saturday.

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Green Bay Packers' Jayden Reed catches a touchdown pass in front of Chicago Bears' Tremaine Edmunds during the first half of an NFL wild-card playoff football game Saturday, Jan. 10, 2026, in Chicago. (AP Photo/Nam Huh)

Chicago Bears tight end Colston Loveland (84) is tackled by Detroit Lions cornerback Avonte Maddox (29) during the second half of an NFL football game, Sunday, Jan. 4, 2026, in Chicago. (AP Photo/Nam Y. Huh)

Chicago Bears' Colston Loveland runs after catching a pass during the second half of an NFL wild-card playoff football game against the Green Bay Packers Saturday, Jan. 10, 2026, in Chicago. (AP Photo/Erin Hooley)

Chicago Bears' Caleb Williams throws during the second half of an NFL wild-card playoff football game against the Green Bay Packers Saturday, Jan. 10, 2026, in Chicago. (AP Photo/Nam Huh)

Green Bay Packers' Matthew Golden gets past Chicago Bears' Montez Sweat for a touchdown during the second half of an NFL wild-card playoff football game Saturday, Jan. 10, 2026, in Chicago. (AP Photo/Erin Hooley)

Chicago Bears' Caleb Williams celebrates after an NFL wild-card playoff football game against the Green Bay Packers Saturday, Jan. 10, 2026, in Chicago. (AP Photo/Erin Hooley)

Chicago Bears' DJ Moore catches a touchdown pass during the second half of an NFL wild-card playoff football game against the Green Bay Packers Saturday, Jan. 10, 2026, in Chicago. (AP Photo/Nam Huh)