Australian billionaire creates investment fund, allocates USD 500 million to rebuild Ukraine

The fund was named the Ukraine Green Growth Initiative, and funds from it are planned to be invested in primary infrastructure, such as energy and telecommunications networks, BBC reports.

Ukrainian President Volodymyr Zelenskyy supported this initiative and stated that it is an opportunity to replace the energy and communication infrastructure destroyed by the Russian forces with a new, ecological and digital one.

“The president [Zelenskyy] sees that as an opportunity to completely replace old coal-fired [and] nuclear power stations with brand new green energy. That capital would be available the instant that the Russian forces have been removed from the homelands of Ukraine,” Andrew Forrest told BBC. 

The billionaire also noted that he discussed the plan to create the fund with a number of world leaders, including US President Joe Biden, then-UK Prime Minister Boris Johnson and the head of the European Commission, Ursula von der Leyen. In addition, the fund announced cooperation with Larry Fink, the head of the investment giant BlackRock. It is noted that the representatives of the initiative hope to enlist the support of state funds and other professional investors.

Andrew Forrest is the founder and executive chairman of iron ore giant Fortescue Metals.

In recent years he has turned his attention to sustainable technology.