“BlackRock halted talks on Ukraine reconstruction fund after Trump’s election victory – BloombergBlackRock Inc. stopped seeking investors for a multi-billion dollar Ukraine reconstruction fund earlier this year after Donald
Trump won the US presidential election. The fund was supposed to raise at least $500 million from countries and $2 billion from
private investors.
”, — write: unn.ua
DetailsThe fund, which was expected to be presented at the Ukraine Reconstruction Conference next week in Rome, was close to receiving initial support from organizations backed by the governments of Germany, Italy, and Poland, people said.
However, in January, BlackRock decided to cease negotiations with institutional investors due to a lack of interest amid growing uncertainty, the publication writes.
The US government, as indicated, was noticeably absent among the fund’s sponsors in December.
The Ukraine Development Fund aimed to raise at least $500 million from countries, development banks, and other grantors, as well as $2 billion from private investors, said Philipp Hildebrand, Vice Chairman of BlackRock, who was among the financiers leading the discussions last year.
At the time, Hildebrand said it could bring together a consortium of equity and debt investors that could finance at least $15 billion for reconstruction efforts in Ukraine. The total need for Ukraine’s reconstruction after Russia’s invasion was estimated by the World Bank and others in February at over $500 billion.
World Bank: Ukraine’s recovery needs are estimated at $486 billion15.02.24, 10:58 • 25487 views
A BlackRock spokesperson stated that the firm completed its pro bono advisory work on the Ukraine Development Fund in 2024 and is currently not involved in “any active mandate” with the Ukrainian government. “The only conversations that drive our decision-making are those with our clients,” the spokesperson added.
Some sources reported that BlackRock was to present the fund in Italy during the Ukraine Reconstruction Conference on July 10-11, which Italian Prime Minister Giorgia Meloni and Ukrainian President Volodymyr Zelenskyy are expected to attend, although the timeline was never officially announced.
France is working on a proposal for a fund to replace the canceled BlackRock initiative, but it is unclear how effective the new plan will be without US support, sources said.