R.M.Williams parent company commits $740 million to rebuild Ukraine

R.M.Williams parent company commits $740 million to rebuild Ukraine

Updated: 17 days, 16 hours, 13 minutes, 19 seconds ago

R.M.Williams parent company Tattarang has committed $740 million towards a US$25 billion investment fund aimed at rebuilding Ukraine.

Tattarang owner Dr Andrew Forrest and Ukraine President Zelenskyy announced the investment at the Bloomberg New Economy Forum in Singapore. The private-equity group will seed a $US25 billion investment fund devised jointly with BlackRock CEO Larry Fink. 

The Ukraine Green Growth Initiative is expected to grow to at least US$100 billion. This fund will focus on primary infrastructure such as energy and communications to build a digital green grid.

President Zelenskyy welcomed the funding towards Ukraine's future economy.

“Andrew and I have agreed we will not replace communist era rubbish Russian infrastructure, instead we will leapfrog to the latest technology. We will take advantage of the fact that what the Russians have destroyed can readily be replaced with the latest, most modern green and digital infrastructure.

“This innovative initiative will facilitate the world’s first green digital economy and the fastest growing economy in Europe, if not the world.”

Dr Forrest said the initiative will work with the global investment community to achieve rapid reconstruction of Ukraine post-hostilities.

"Our investment fund will help to step beyond the wire lines of the past and accelerate digital communications development. The US$25bn Ukraine Green Growth Initiative will be the home of professional and sovereign investment with the aim of helping rebuild Ukraine in one generation, whilst delivering returns to investors.

“We will seed the Initiative with a US$500 million investment. I invite professional investors, fund managers and sovereign funds and all who believe invading another country should now be forever consigned to the historical garbage bin of humanity’s worst mistakes, to join us.”

A period of consultation for the investment fund has been ongoing since early March and has included Dr Forrest briefing US President Joe Biden, former UK Prime Minister Boris Johnson, Australian Prime Minister Anthony Albanese, OECD Secretary-General Mathias Cormann, and the international business community including UN Special Envoy Michael Bloomberg, Chairman and CEO of BlackRock Larry Fink and their teams.

Dr Forrest spent nearly a week in Ukraine and visited Kyiv in June, meeting the majority of Ukraine’s Cabinet including President Zelenskyy, where the strategy was agreed.

"Ukraine can enter a golden era," Dr Forrest said. "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.”

President Zelenskyy welcomed Dr Forrest’s commitment.

"The whole world can see how Russia, unable to win on the battlefield, terrorises civil infrastructure. 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.

“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.”

Following an introduction by Dr Forrest in September, BlackRock has worked closely with the Ukrainian Government, last week signing a Memorandum of Understanding (MoU) on a framework for consultative assistance in developing a special platform to attract private capital for the recovery and support of Ukraine’s economy.

The MoU formalised a discussion in early September between President Zelenskyy, Mr Fink and Dr Forrest around opportunities for attracting public and private investment in Ukraine.

The Forrests’ philanthropic organisation Minderoo Foundation has already contributed millions of dollars to help the Ukrainian people, including funding the first humanitarian grain shipment out of Ukraine in August, and providing grain storage facilities for farmers. 

hit counter