BRUSSELS

The EU is set to provide €20 billion ($23 billion) in targeted investment through its new "EastInvest" initiative to support eastern border regions affected by the war in Ukraine, EU Commission President Ursula von der Leyen said Thursday.

Speaking at the Eastern Border Regions High-Level Conference, von der Leyen said the EastInvest fund is specifically designed to harness the economic potential of border communities and create new jobs and opportunities.

"We need investment in these regions and the border regions have significant assets. They have their forests, they have strong agricultural sector. They have the availability of critical raw materials," von der Leyen said. "It (EastInvest) brings together some of the biggest public and private funding sources in Europe. It includes the European Investment Bank and the European Bank for Reconstruction and Development," adding that it aims to unlock growth and create employment.

Von der Leyen added that it will target renewable energy, agriculture and forestry projects, with public and private sector banks, as well as national lenders, contributing to the effort.

She emphasized that the EU's commitment to the regions goes beyond investment, highlighting parallel efforts to strengthen security and defense along the eastern flank, including funding for military mobility, the Drone Defense Initiative and the Eastern Flank Watch program.

"We all know communities and economies need security and they need stability to thrive, and this is, of course, especially important along our eastern borders ... because your security is vital for the whole of Europe," von der Leyen said.

"We are investing billions in military mobility in the border region so that, if necessary, troops and equipment can be deployed much more rapidly, and we will triple the funding at the border to secure the frontiers," she added.​​​​​​​