Andrew Forrest’s $25bn rebuilding fund

• Andrew Forrest is an Australian mining billionaire.
• She has formed a $25bn investment fund to reconstruct Ukraine.
• Mr. Forrest and his wife contributed $500m to the fund.

Andrew Forrest, an Australian mining billionaire, has formed a $25bn (£21bn) investment fund to reconstruct Ukraine.

Mr. Forrest and his wife contributed $500m to the fund, which may reach $100bn.

Ukraine’s Green Growth Initiative will invest in energy and telecoms networks.

President Zelensky applauded.

“We’ll take advantage of the fact that what the Russians damaged can be easily replaced,” Zelensky said.

The fund has been engaging with BlackRock chairman Larry Fink and intends to secure the support of sovereign wealth funds and other professional investors.

Mr. Forrest said he had discussed the investment fund concept with US President Joe Biden, then-UK Prime Minister Boris Johnson, and European Commission President Ursula von der Leyen.

Mr. Forrest told the BBC that President Zelensky sees this as an opportunity to replace aging coal-fired and nuclear power plants with green energy.

“That capital would be available after Russian forces leave Ukraine,” he said.

Mr. Forrest became wealthy during Australia’s mining boom. He founded and chairs Fortescue Metals.

In recent years, he’s focused on sustainable technologies, decarbonizing his mining operations and producing green hydrogen.

Ukraine’s reconstruction

Large elements of Ukraine’s infrastructure were damaged or destroyed by Russia’s invasion.

Russian missiles have targeted Ukraine’s energy network and power stations.

In July, Ukrainian Prime Minister Denys Shmyhal predicted the war’s $100bn in direct infrastructure destruction would cost $750bn to repair.

This week, Russia rebuffed international efforts to compensate for war damage in Ukraine.

The UN General Assembly had voted that Russia should pay reparations for its conduct.

General Assembly resolutions are symbolic but not enforceable.

The Kremlin warned it will prevent the West from taking its international reserves for reparations.

Also Read

Russian missile destined for Ukraine falls in Poland; Internet wows

When Russia fired missiles at Ukraine's power grid, the war spread to...