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Zelensky Meets With BlackRock Chief to Discuss Reconstruction Fund The world’s largest asset manager advised Ukraine on how to revive the countr
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[link to www.nytimes.com (secure)]
Zelensky Meets With BlackRock Chief to Discuss Reconstruction Fund
The world’s largest asset manager advised Ukraine on how to revive the country’s shattered economy by attracting public and private investment.
President Volodymyr Zelensky of Ukraine met with Laurence D. Fink, the head of BlackRock, the world’s largest manager of assets, to discuss how to attract investment in the country’s war-ravaged economy.
In a videoconference, the two discussed how BlackRock, which oversees $8.5 trillion invested all over the world, could provide “pro bono advice to the Ukrainian government on setting up a reconstruction fund in support of the recovery of the Ukrainian economy,” according to a statement released on Monday by Mr. Zelensky’s office. (The call was held Thursday.) The fund would be arranged for “both public and private investors to participate in reconstructing and rejuvenating the market economy in Ukraine,” the statement said.
“We’ve shown that we know how to win on the battlefield,” Mr. Zelensky said in the statement. “Another important task for us is to achieve victories in the economy as well, and to be an attractive country for investors.”
The advice would be provided by BlackRock’s Financial Market Advisory team, which works with financial institutions, regulators and governments, and is separate from the company’s investment management business.
Estimates of the cost to rebuild the infrastructure hit hardest by the war with Russia, and revive the country’s shattered economy, vary widely. The Ukrainian government has put the bill at $750 billion, while others have estimated $100 billion, still a significant sum. The International Monetary Fund has said Ukraine needs $5 billion per month to pay government salaries and pensions, and to cover other expenses. The fund has already provided over $1 billion to help Ukraine keep up on government debt payments.
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