(FreedomBeacon.com)- Ukraine’s government announced on Wednesday that BlackRock CEO Larry Fink and Ukrainian President Volodymyr Zelensky had agreed to collaborate on investments aimed at helping to rebuild the war-torn nation after Russia’s invasion.
Zelensky and Fink had a video meeting before the settlement. BlackRock has volunteered to serve as an advisor on how Ukraine should manage investments for reconstruction.
According to a statement on the Ukrainian government website, Volodymyr Zelensky and Larry Fink “agreed to concentrate in the near term on coordination of 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.”
It was emphasized, during the statement, that certain BlackRock leaders plan to visit Ukraine in the new year.
With $10 trillion in holdings, the company is the largest asset manager in the world.
Zelensky confirmed that Ukraine would attend the World Economic Forum in Davos the following month. During his national address, Zelensky did not say whether he intended to participate in the occasion personally.
BlackRock revealed that it had reached a “memorandum of understanding” with the Ukrainian Ministry of Economy last month.
Plans for “establishing a roadmap for the investment framework’s implementation, including identifying design choices for the envisaged setup, structure, mandate and governance” were outlined in the agreement of November 10.
To provide opportunities for both public and private investors to take part in the future reconstruction and recovery of the Ukrainian economy, BlackRock will also “provide advisory support for designing an investment framework.”
The financial cost of Russian President Vladimir Putin’s invasion of Ukraine in February is still unknown. According to the Financial Times, estimates from the World Bank and the European Commission suggested that the cost of reconstruction may be close to $349 billion.
Days after Zelensky visited Washington for a meeting with President Biden, an agreement between BlackRock and Ukraine came to light. The president of Ukraine also spoke to Congress, pleading for increased cooperation and backing for the nation’s war effort.
Last week, Congress gave Ukraine an additional $45 billion in aid.