Australian entrepreneur Andrew Forrest invests $500 mln in Ukraine Development Fund to boost recovery
Australian businessman Andrew Forrest. Photo: fmgl.com.au
Australian businessman Andrew Forrest will invest $500 million in the Ukraine Development Fund (UDF).
Rubryka reports, citing the press service of the Ministry of Economy of Ukraine.
What is the problem?
Russia's war brought destruction and devastation to Ukraine, leaving many Ukrainian people without homes, and many businesses, energy infrastructure, and more destroyed.
"We must not seek to restore Ukraine to what it was, with its outdated Soviet-era infrastructure. We must imagine what it could be with vision, planning, and the availability of the world's best technology, management, and thinking. This will position the reconstruction of Ukraine as more than just a restoration, but as a great opportunity for national renewal," said Andrew Forrest.
What is the solution?
Businessman Andrew Forrest announced his intentions to invest $500 million in Ukraine during Ukraine Recovery Conference, which is taking place in London. The fund he's investing in will boost Ukraine's reconstruction and further post-war development.
How does it work?
Mr. Forrest also called on other global investors to join such an initiative and see Ukraine as a long-term investment. The Australian businessman will be a strategic advisor in creating the Fund and its investment groups on green strategic metals, iron, hydrogen, and electricity.
"We will build a future that will be digital, green, fair, and free from corruption. We unite with the entire free world to help the Ukrainian people enter the golden era following this terrible war. Not to build what was, but to build the brightest future," the Australian businessman emphasized.
The idea of the UDF was conceived and developed by Forrest, inspired by the Marshall Plan of World War II. In March 2022, he approached BlackRock head Larry Fink for advisory support to create an investment vehicle.
Reference
Andrew Forrest made his fortune from Australia's mining boom. He is the founder and chief executive of iron ore giant Fortescue Metals. In recent years, it has turned its attention to sustainable technology, with initiatives to decarbonize its mining operations and the possibility of becoming a major producer of green hydrogen.
Forrest's plans to act as an investor and invest $500 million in Ukraine Development Fund became public for the first time in November 2022.
Earlier, we reported that Denmark opened an investment fund for Ukraine with a budget of $133 million.
