Andrew Forrest donates $500 million to the Ukraine Reconstruction Fund

Australian iron ore magnate Andrew Forrest announced on Thursday a $500 million commitment to set up a $25 billion international investment fund to help Ukraine recover.

According to a press release from the Forrest Tattarang family office, the Green Growth Initiative in Ukraine will focus on energy and communications infrastructure projects, including a green energy grid.

The press release quoted Ukrainian President Zelensky welcoming the investment and saying it would help Ukraine become the fastest growing economy in Europe.

“Andrew and I agreed that we would not replace Russian infrastructure with communist garbage, instead we would jump to the latest technology,” Zelensky said.

“We will take advantage of the fact that what the Russians have destroyed can easily be replaced with the latest, most advanced green and digital infrastructure.”

This week, Russia stepped up its missile strikes against Ukraine, hitting cities and energy infrastructure in what Kyiv says is the most powerful wave of missile strikes in almost nine months of war.

Forrest, founder of Fortescue Metals Group Ltd, said consultations with a fund that will help Ukraine recover and "enter a golden era" have been ongoing since March and have included conversations with Prime Minister Anthony Albanese, US President Joe Biden, and a former British Prime Minister. Boris Johnson and others.

According to Forrest, fund manager BlackRock Inc helped conduct due diligence. Last week, Blackrock signed a memorandum of understanding with Ukraine to help it raise private capital.

“We will build a new future, not just replace the past. We want Ukrainians to know that we will be by your side helping you to ensure strong economic growth in Europe,” he said.