Ukrainian President Volodymyr Zelensky and BlackRock CEO Larry Fink agreed to work together on investments aimed at rebuilding the war-torn country after Russia’s invasion, Ukraine’s government said Wednesday.
The agreement followed a video meeting between Zelensky and Fink. BlackRock has taken an advisory role on how Ukraine should handle investments related to reconstruction.
“Volodymyr Zelensky and Larry Fink agreed to focus in the near term on coordinating the efforts of all potential investors and participants in the reconstruction of our country, channeling investment into the most relevant and impactful sectors of the Ukrainian economy,” the Ukrainian government said on its website.
“During the conversation, it was emphasized that certain BlackRock leaders plan to visit Ukraine in the new year,” the statement added.
The Post has reached out to BlackRock for comment. The firm is the world’s largest asset manager with $10 trillion in holdings.
Zelensky also confirmed that Ukraine will participate in the World Economic Forum in Davos next month, Bloomberg reported. Zelensky did not specify whether he planned to personally attend the event during his national address.
Last month, BlackRock announced that it had agreed to a “memorandum of understanding” with Ukraine’s Ministry of Economy.
The Nov. 10 agreement included plans for “establishing a roadmap for the investment framework’s implementation, including identifying design choices for the envisioned setup, structure, mandate and governance.”
BlackRock will also “provide advisory support for designing an investment framework, with a goal of creating opportunities for both public and private investors to participate in the future reconstruction and recovery of the Ukrainian economy.”
Ukraine’s economic toll remains unclear after Russian President Vladimir Putin sent in his forces in February. Estimates from the World Bank and the European Commission said the cost of rebuilding could approach $349 billion, according to the Financial Times.
The agreement between BlackRock and Ukraine emerged days after Zelensky traveled to Washington for a meeting with President Biden. The Ukrainian president also delivered a speech to Congress urging further collaboration and support for the country’s war effort.
Congress approved an additional $45 billion in aid for Ukraine last week.
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