The Telegraph: Zelenskyy and Trump to finalize $800 bn Ukraine reconstruction deal in Davos, not Washington

Ukraine and the United States are planning to finalize a "prosperity" deal at the World Economic Forum in Davos this week, The Telegraph reports, citing Western officials. The agreement targets approximately $800 billion in reconstruction funding over a decade.

Volodymyr Zelenskyy and Donald Trump are both heading to the Swiss mountain resort, where they are expected to meet and conclude the economic agreement. The Ukrainian president had initially planned to travel to the White House next week to sign both the prosperity plan and a separate deal on post-war security guarantees.

European backers in the "coalition of the willing" advised Zelenskyy against the Washington trip, suggesting Davos as a more suitable venue for the meeting with Trump, according to officials familiar with the discussions.

The prosperity plan aims to deliver reconstruction funds through a combination of loans, grants, and private sector investment opportunities. Zelenskyy said the deal would provide "for economic recovery, restoring jobs and bringing life back to Ukraine" in a briefing with reporters late last year.

The agreement builds on a minerals deal signed in 2024, which granted US investors preferential access to future mining projects in Ukraine. Kyiv hopes that by offering Washington a stake in post-war reconstruction—particularly in projects Trump might favor—the US president will be more inclined to provide robust security guarantees.

Steve Witkoff, Trump's peace envoy, has described the agreement as a crucial component of the overall ceasefire package negotiated over recent months. After a "coalition of the willing" meeting in Paris last week, the New York businessman-turned-diplomat announced that BlackRock, the world's largest investment group, would participate in the program.

Unlike the 20-point peace plan, details of the prosperity agreement have not been publicly disclosed.

Zelenskyy is also pushing to finalize a US-Ukraine deal on post-war security guarantees. "The bilateral document on security guarantees for Ukraine is now essentially ready for finalisation at the highest level with the President of the United States," he wrote on social media on Thursday.

The security agreement would pave the way for a "reassurance force" led by Britain and France, though it remains unclear whether this will be signed in Davos alongside the economic deal.

On 9 January, Zelenskyy met with John Healey, the UK Defence Secretary, in Kyiv to discuss Britain's proposal to deploy forces in Ukraine as part of a ceasefire agreement. "We also discussed how a British contingent could be deployed to operate alongside French forces if diplomacy works to end the war," Zelenskyy said. "It is crucial that the framework for ending the war includes a clear response from the allies should Russian aggression be repeated."

European sources have noted a shift in relations with the White House. One senior official described Witkoff as a "changed man," referencing earlier accusations that he was pro-Russian.

The main sticking points in the broader peace accord remain differences over territorial concessions in Ukraine's eastern Donbas Oblast. Despite improved relationships between Washington, European capitals, and Kyiv, insiders remain unconvinced that Vladimir Putin is ready to halt his invasion.