Billionaire Andrew Forrest launches $25B fund for rebuilding Ukraine and commits $500M to it
Australian billionaire Andrew Forrest has launched a $25 billion investment fund for reconstructing Ukrainian infrastructure destroyed or damaged by Russian forces. He and his wife have already committed $500 million to the fund, encouraging other investors and entrepreneurs to join the initiative, Bloomberg reports.
“My message to the global investment community is it will be one of the finest investment you can make. Not only because you will get all the capital back and have some return, but because you will do so much good,”Andrew Forrest said in his interview for Bloomberg.
- The initiative is called The Ukraine Green Growth. It involves the financing, firstly, the reconstructing of critical infrastructure, in particular energy and telecom, with the help of modern green technologies.
- As BBC informs, Mr. Forrest said he had alredy discussed the plan with a number of world leaders, including US President Joe Biden, then-UK Prime Minister Boris Johnson, and European Commission President Ursula von der Leyen.
- Andrew Forrest also emphasized that the project is developed and will be implemented in collaboration with Ukrainian government. The funds will become available only after Russia withdraws its troops from the territory of Ukraine, he said.
- President Zelensky welcomed the move, BBC reports.
“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,”Mr. Zelensky said.
- Andrew Forrest made his fortune from Australia’s mining boom. He is the founder and executive chairman of iron ore giant Fortescue Metals. Now he focuses on sustainable technology, with initiatives to decarbonize his mining operations and become a major producer of green hydrogen.