11 Nov 2022 15:45

BlackRock FMA to provide advisory support to Ukraine - memorandum

MOSCOW. Nov 11 (Interfax) - The Ukrainian Economy Ministry and the consulting unit of the world's largest investment company BlackRock signed a memorandum of understanding in Washington, agreeing upon a framework of advisory assistance to develop a special platform for drawing private capital for Ukraine's recovery and support of its economy, Ukrainian media reported with reference to the Economy Ministry on Friday.

"We hope for cooperation with BlackRock FMA, and we hope that this recovery platform will be an efficient mechanism for mobilizing investment in key sectors of our economy," the ministry's statement quoted First Deputy Prime Minister and Economy Minister Yulia Sviridenko as saying.

Investments will be instrumental for Ukraine's quick and efficient economic recovery in the future, she said.

The platform will be focused on bringing investment into key sectors of the Ukrainian economy, the ministry said.

In particular, the agreement envisions that BlackRock Financial Markets Advisory (BlackRock FMA) will provide advisory support to the Ukrainian Economy Ministry in drawing up a road map for setting up an investment platform, where primarily private capital should be attracted.

Thus, the memorandum formalizes preliminary discussions of options for drawing public and private investment in Ukraine between President Vladimir Zelensky and BlackRock Chairman and CEO Larry Fink in September.

BlackRock FMA was established during the 2008 financial crisis to provide specialized support to governments and central banks, and later to financial institutions worldwide. It is a separate unit within BlackRock, which is independent from its core asset management business.