10 May 2023 16:25

BlackRock to support Ukraine Development Fund - Zelensky

MOSCOW. May 10 (Interfax) - Ukrainian President Vladimir Zelensky has met with the management of BlackRock, the world's largest asset management company.

"The parties discussed the details of creating an investment fund to restore Ukraine's economy with the involvement of public and private capital," Ukrainian media reported last Friday, citing the press service of the Office of the President.

Following the meeting, the Ukrainian Economy Ministry signed a contract with BlackRock Financial Market Advisory to provide services to support the Ukraine Development Fund.

The main purpose of the fund is to raise private and public capital for implementing large-scale business projects in Ukraine.

Zelensky said at the meeting that during Ukraine's independence, no truly large and strategic private capital has come to Ukraine in amounts that match the scale and capacity of the country. "This will be a strong signal of strengthening the investment climate. It is important not only for our people, our society, but also for business, entrepreneurs abroad. Today is a historic moment because, since the very first days of independence, we have not had such huge investment cases in Ukraine. We are proud that we can initiate such a process," the president said.

Ukraine attracts the best financial and consulting organizations in the world, namely, BlackRock, JP Morgan, McKinsey, to make the project transparent and successful, he said.

"We will be able to offer interesting projects to invest in energy, security, agriculture, logistics, infrastructure, medicine, IT, and many other areas. We want global partners to come who can provide us with large investments," Zelensky said.

Philipp Hildebrand, the vice chairman of BlackRock and a member of the firm's Global Executive Committee, acknowledged the historic nature of the moment and the opportunity it presents to bring together the private and public sectors. He emphasized that technical innovation could be a catalyst for further development and said he was optimistic that BlackRock could contribute to the global economy and make use of innovation.