Italy is preparing the TERRA program, with a total budget of up to 105 million euros, aimed at expanding access to financing for Ukrainian micro, small, and medium-sized enterprises in the agri-food sector, according to the Ministry of Agrarian Policy and Food of Ukraine following negotiations with the Italian side.
The program was presented during a meeting between Deputy Minister of Agrarian Policy Denys Bashlyk and Davide La Cecilia, the Italian Minister of Foreign Affairs’ Special Representative for Ukraine’s Recovery. The parties identified support for small farmers and the development of agricultural cooperatives as key priorities for cooperation.
According to materials from the Italian Ministry of Foreign Affairs and International Cooperation, TERRA Ukraine—Transforming and Empowering Resilient and Responsible Agribusiness—consists of two main components.
Up to 100 million euros are planned to be allocated to financial instruments managed by the Italian state-owned financial institution Cassa Depositi e Prestiti (CDP). The funds are to be used to mitigate risks for Ukrainian financial intermediaries and expand lending to micro, small, and medium-sized enterprises in the agri-food sector. The financial component includes a counter-guarantee from the European Commission under the Ukraine Investment Framework.
An additional 5 million euros is earmarked for technical assistance and capacity building, with this part of the program to be implemented primarily in collaboration with the Food and Agriculture Organization of the United Nations (FAO).
The Italian side views TERRA not merely as a mechanism for providing financing. The program is intended to facilitate the modernization of Ukrainian agricultural enterprises, the adoption of European sanitary, environmental, and corporate standards, as well as the transition to a more sustainable model of agricultural production in line with the European Green Deal.
“For us, it is important not just to teach farmers to work together, but to create a practical model that will enable them to pool resources, produce large volumes of goods, and enter new markets. If this approach proves successful, it can be scaled up to all regions of Ukraine,” Bashlyk noted.
The Ukrainian side also hopes to draw on Italy’s experience in developing agricultural cooperation and bringing together small-scale producers for joint processing, logistics, and access to larger markets.
Italian Ambassador to Ukraine Carlo Formosa previously reported on September 3, 2026, that TERRA is being prepared as one of the new tools to support the Ukrainian agricultural sector. According to him, the program is primarily aimed at facilitating access to credit for agricultural SMEs.
At the same time, Italy is expanding its agricultural projects in the Odesa region. According to Italian officials, approximately 25 million euros have already been allocated in the region for agricultural projects, including the Pro.UKR programs, support for viticulture and winemaking through the FAO, and a 6-million-euro project to modernize irrigation systems in Tatarbunary and Kiliya. In addition, a 7-million-euro ROOTS project is being prepared between the Friuli-Venezia Giulia region and the Odesa region.
Ukraine and Italy have agreed to expedite the organizational decisions necessary for the practical launch of TERRA. Specific dates for the start of funding disbursements to Ukrainian agricultural enterprises and the terms for obtaining loans have not yet been publicly announced.
The organizers of the first International “Charitable Italy – Ukraine” Competition (Sostenitori dell’Ucraina in Italia) have extended the deadline for submitting applications through October 5, 2026, the Association of Ukrainian Philanthropists announced.
The announcement of the results and the awards ceremony are scheduled for late October 2026. The competition is being held as the international stage of the National Competition “Charitable Ukraine-2025: Charity in Defense of Ukraine.”
The goal of the initiative is to recognize charitable and volunteer organizations, informal communities, socially responsible businesses, and individuals in Italy who provide humanitarian, financial, social, educational, and cultural assistance to Ukraine and Ukrainians.
The organizers also hope that the competition will help strengthen the Ukrainian community in Italy and foster cooperation among volunteers, charitable organizations, businesses, and local communities that support Ukraine.
Eligible participants include charitable, volunteer, and civic organizations; formal and informal associations; socially responsible companies; and individuals who are located or registered in Italy and provide support to Ukraine.
Applications may be submitted not only by the philanthropist or organization itself. Ukrainian aid recipients, as well as any legal entities or individuals who consider a specific candidate worthy of the award, may also nominate Italian volunteers and organizations.
The competition features four categories: “Philanthropist of the Year—Non-Governmental Organization,” “Philanthropist of the Year—Individual,” “Ukrainians for Their Homeland,” and “Goodness Starts with You.” The latter category is intended for children’s and youth initiatives aimed at assisting Ukraine and fostering a culture of philanthropy.
Applications are accepted in Ukrainian or Italian. The completed application form can be sent in Word format to the organizing committee’s email address, konkurs@blagoukraine.org, or submitted via the online form.
The Italian-Ukrainian cultural association Futura Nostra in Rome serves as the organizing partner for the competition in Italy.
The Ukrainian Philanthropists Association announced the first “Charitable Italy – Ukraine” competition, to be held in late May–early June 2026. The deadline for submissions was originally set for September 1, but the organizers decided to extend the campaign by more than a month.
Italian Foreign Minister Antonio Tajani confirmed that a new aid package for Ukraine is being prepared, as well as the continuation of the Italian government’s commitments regarding Ukraine’s security, recovery, and defense.
According to the website of the Italian Ministry of Foreign Affairs and International Cooperation, Tajani made these remarks during a phone call with Ukrainian Foreign Minister Andriy Sybiga on the occasion of the 35th anniversary of Ukraine’s restoration of independence.
During the conversation, Tajani condemned the ongoing Russian attacks on Ukrainian territory and reaffirmed the Italian government’s full support for the Ukrainian people.
“The minister reaffirmed the government’s commitment to maintaining maximum pressure on Moscow, as demonstrated by Prime Minister Giorgia Meloni’s participation today in the Coalition of the Willing. Tajani confirmed that the government’s commitment to Ukraine’s security, reconstruction, and defense remains firm, in particular thanks to a new Italian aid package currently being prepared, as well as support through EU sanctions,” the statement reads.
Separately, the parties discussed food security and maritime safety. Tajani emphasized the importance of the Black Sea and the entire Mediterranean for global food security and ensuring the continuity of Ukrainian grain exports.
He reaffirmed Italy’s readiness to cooperate with Kyiv, in particular by exploring avenues for collaboration with MED9+ initiatives regarding the Strait of Hormuz, underscoring the interconnection between maritime security, economic stability, energy flows, and food security.
The conversation also touched on Ukraine’s recovery. According to the Italian Ministry of Foreign Affairs, Italy has already allocated approximately 3.2 billion euros to support Ukraine’s recovery and reconstruction, in part through contributions from Italian companies.
The mining and metallurgical group Metinvest is seeking a new investor to finance a EUR3 billion ($3.4 billion) steel plant in Italy, as the Ukrainian group seeks to reduce its liabilities, according to Bloomberg.
According to the agency, the group is seeking an additional partner for the project at the site of a former steel mill in Piombino on the Tuscan coast. The company wants to strengthen its financing “in light of war-related risks, given Metinvest’s significant operational presence in Ukraine.”
However, as noted, some potential lenders have become more cautious due to heightened geopolitical risks, including the recent conflict in the Middle East.
“As for the debt capital structure, we have good visibility on it, and we are continuing our dialogue with financial institutions to finalize this matter as well,” a Metinvest representative told the agency.
It is worth noting that the Italian government has designated this initiative as a “national strategic project,” and Metinvest Adria—a joint venture (JV) established last year with the Danieli Group to build this state-of-the-art facility—refers to the project as “the revival of steel in Italy.” It is expected to produce 2.7 million metric tons of low-carbon steel per year and create 1,100 jobs in the region.
According to the initial plan, financing was to consist of debt, government grants, and contributions from the JV partners to the share capital. Metinvest agreed to contribute more than EUR500 million, or 75% of the total equity, but is now seeking to reduce this amount to less than EUR300 million.
Bloomberg adds that Metinvest reported receiving “significant support from all stakeholders,” particularly from the Italian government, which has already approved grants and loan guarantees and allocated funds for the construction of a new berth at the Port of Piombino.
“Metinvest’s financial position deteriorated after the company had to use its cash reserves in April to redeem $428 million in bonds. Some of the company’s assets in Ukraine were lost or damaged as a result of the Russian invasion. Operations were also negatively impacted by high energy costs and a labor shortage,” the report states.
In addition, the report notes that S&P Global Ratings upgraded Metinvest’s credit rating this month following the bond repayment, but maintained a “negative” outlook on the business, emphasizing the need to build up cash reserves. According to S&P, Metinvest’s free cash flow stood at $150 million as of early May.
Metinvest is exploring the possibility of raising long-term financing and recently held meetings with investors to discuss the pricing and structure of a potential bond issuance. Like most Ukrainian companies, Metinvest has not tapped the bond market since the start of the full-scale invasion in 2022. Despite this, the group has managed to meet its financial obligations and reduce its debt burden, according to a Bloomberg report.
Metinvest is a vertically integrated group consisting of mining and metallurgical enterprises. Its facilities are located in Ukraine—in the Donetsk, Luhansk, Zaporizhzhia, and Dnipropetrovsk regions—as well as in the European Union, the United Kingdom, and the United States. The holding company’s main shareholders are the SCM Group (71.24%) and Smart Holding (23.76%). Metinvest Holding LLC is the management company of the Metinvest Group.
Carlo Formosa, the Italian Ambassador to Ukraine, met with representatives of Italian companies already operating in Ukraine, as well as with businesses implementing new projects in the country, according to a statement from the Italian Embassy in Ukraine.
“An opportunity to pool experience, contacts, and knowledge, establish new connections, and strengthen Italy’s presence in Ukraine,” the embassy’s Facebook post states.
The event served as a platform for exchanging experience, establishing new contacts, and strengthening cooperation among Italian companies operating in the Ukrainian market.
The embassy noted that the meeting took place following a series of webinars involving over 1,000 Italian companies and was aimed at further strengthening a cohesive and coordinated business community.
Particular attention was paid to the activities of the Italian Business Association (IBA), established several months ago at the embassy’s initiative to enhance the visibility and unifying potential of Italian business in Ukraine.
“The Embassy continues to facilitate dialogue between businesses and institutions, encouraging the exchange of expertise and the coordination of efforts within the ‘System Italy’ to support Italy’s economic presence in Ukraine,” the post states.
Starting July 9, a retrospective of films by Italian director Paolo Sorrentino, titled “Sorrentino’s Summer,” will begin at select movie theaters across Ukraine.
As part of the program, three films by one of the most famous contemporary Italian directors will be shown on the big screen once again: “The Great Beauty,” “Youth,” and “The Grace.”
“The Great Beauty” is one of Sorrentino’s most famous works. It was this film that earned the director an Oscar and a Golden Globe for Best International Feature Film.
The program also includes “Youth”—the director’s second English-language film, starring Michael Caine, Harvey Keitel, Rachel Weisz, Paul Dano, and Jane Fonda.
The third film in the retrospective will be *Grace*—the opening film of the Venice International Film Festival, which had its world premiere in the main competition.
Screenings will take place July 9–12 at select theaters across Ukraine. The program was initiated by the Italian Cultural Institute in Ukraine, the Italian Embassy in Ukraine, and the film company “Arthouse Traffic.”
Paolo Sorrentino is an Italian director and screenwriter, one of the most recognizable figures in contemporary European cinema. His works are distinguished by their visual sophistication and focus on themes of memory, aging, beauty, loneliness, power, and the search for the meaning of life. Among the director’s most famous films are “The Great Beauty,” “Youth,” “The Hand of God,” “The Wonder,” “The Consequences of Love,” and “Il Divo.”
Arthouse Traffic, FILM, ITALY, retrospective, Паоло Соррентіно
