BlackRock's Fink talks Ukraine reconstruction with Zelenskyy
BlackRock is advising Ukraine on rebuilding efforts
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BlackRock founder and CEO Larry Fink and Ukrainian President Volodymyr Zelenskyy met virtually to discuss ongoing plans for rebuilding the war-torn nation, Kyiv announced Wednesday.
Zelenskyy's office issued a press release showing him and Fink on a video conference, saying the two "agreed to focus in the near term on coordinating the efforts of all potential investors and participants in the reconstruction of our country, channeling investment into the most relevant and impactful sectors of the Ukrainian economy."
BlackRock CEO Larry Fink (on background screen) holds virtual talks with Ukrainian President Volodymyr Zelenskyy (R) discussing the rebuilding of the country. (The Presidential Office of Ukraine)
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The announcement also said that "during the conversation, it was emphasized that certain BlackRock leaders plan to visit Ukraine in the new year."
Ukraine's office of the president noted the talks were the latest between the country and the world's largest investment firm, as part of earlier agreements reached months ago.
In this photo provided by the Ukrainian Presidential Press Office, Ukrainian President Volodymyr Zelenskyy delivers his speech addressing the nation in Kyiv, Ukraine, Feb. 25, 2022. (Ukrainian Presidential Press Office via AP)
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Fink and Zelenskyy held a virtual discussion back in September to discuss how BlackRock Financial Markets Advisory division "could provide pro bono advice to the Ukrainian government on setting up a reconstruction fund in support of the recovery of the Ukrainian economy," the government said at the time.
The World Bank estimated in September that the current cost of reconstruction and recovery in Ukraine amounts to $349 billion, with the figure continuing to grow as the war continues.
BlackRock reported last month that its FMA group and the Ministry of Economy of Ukraine signed a Memorandum of Understanding (MoU) that formalizes the earlier discussions.
The MoU aims to create opportunities for both public and private investors to participate in the future reconstruction and recovery of the Ukrainian economy. As part of the agreement, BlackRock will advise on establishing a roadmap for the investment framework’s implementation, including identifying design choices for the envisioned setup, structure, mandate and governance.
When contacted Wednesday for further details on the latest talks, a BlackRock spokesperson directed FOX Business to the press release from Zelenskyy's office.
BlackRock offices in New York City. (Erik McGregor/LightRocket via Getty Images / Getty Images)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BLK | BLACKROCK INC. | 1,023.79 | -4.37 | -0.43% |
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