Ukraine's president, BlackRock CEO agree to coordinate reconstruction efforts

By Ovunc Kutlu

ISTANBUL (AA) - Ukraine's President Volodymyr Zelenskyy and BlackRock CEO Larry Fink agreed to coordinate investment and reconstruction efforts in rebuilding the country's economy, said a presidential statement on Wednesday.

Zelenskyy held a video conference with Fink, who leads the US-based multinational investment company that manages client assets worth around $8 trillion.

They agreed to have their near-term focus on "coordinating the efforts of all potential investors and participants in the reconstruction" of Ukraine, and "channeling investment into the most relevant and impactful sectors of the Ukrainian economy," the statement said.

Certain BlackRock leaders also plan to visit Ukraine next year, it added.

On Nov. 10, the New York-based firm struck a memorandum of understanding (MoU) with the Ministry of Economy of Ukraine in Washington, D.C. to provide advisory support for designing an investment framework.

The MoU aims at creating opportunities for both public and private investors to participate in the future reconstruction and recovery of the Ukrainian economy, according to a BlackRock statement on Nov. 16.

Zelenskyy and Fink in September discussed possibilities of driving public and private investments into Ukraine, it added.

The US' $1.7 trillion spending bill for the fiscal year 2023, approved by Congress last week, includes $45 billion in aid to Ukraine in its war efforts against Russia.