The Ukraine Green Growth Initiative, which will manage at least $25 billion, has been launched with a $500 million commitment from Andrew and Nicola Forrest.

Made through the Forrests’ investment vehicle, the Tattarang Group, the commitment will seed the fund, which is expected to grow to at least $100 billion and focus on building primary infrastructure such as energy and communications to develop a digital green grid for Ukraine and work with the global investment community to achieve rapid reconstruction of the country once the war ends while delivering returns to investors. The initiative is supported by Ukrainian president Volodymyr Zelenskyy, with a consultation period for the fund ongoing since March, including Forrest briefing U.S. president Joe Biden, former UK prime minister Boris Johnson, Australian prime minister Anthony Albanese, the Organisation for Economic Co-operation and Development (OECD) secretary-general Mathias Cormann, and the international business community including UN special envoy Michael Bloomberg and BlackRock chairman and CEO Larry Fink.

“The price of reconstruction is growing with each new strike. One day the aggressor will pay for everything in full, but our people cannot wait for electricity and heat for months,” said Zelenskyy. “We need to restore Ukraine now! That is why this project is so timely. I thank its initiators: Andrew Forrest and Larry Fink of BlackRock for their commitment and strong signal to the global business community. Together we will not only rebuild Ukraine, protecting people's lives, but also make it an attractive place for global business.”

“Ukraine can enter a golden era,” said Forrest, whose Minderoo Foundation also has been active in assisting Ukrainian refugees in the wake of the war. “By business backing Ukraine, we’re sending a message to the world. I want every government to know that as soon as hostilities cease global business will be ready to help rebuild immediately. We will build a new future, not simply replace the past. We want Ukrainian people to know that we will be there with you, helping you to deliver strong economic growth in Europe.”

(Photo credit: FFI Communications)