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BlackRock 'project team' to start preparing Ukraine reconstruction fund in Q1, economy minister says

Ukraine Economy Minister Yulia Svyrydenko. (Photo by Economy Ministry)

BlackRock will create a "project team" early next year to prepare a much-anticipated fund meant to attract up to $50 billion in investment into the reconstruction of Ukraine, the country's Economy Minister Yulia Svyrydenko said.

"In the first quarter of 2024, BlackRock plans to launch a project team," she said in an interview with Forbes. "This is an important moment for starting work on specific investment projects."

Svyrydenko also said that "international development agencies are showing interest in co-financing the project. And for this, the legal structuring of the fund's work and corporate governance are important, which must be implemented as soon as possible. Hopefully it will happen in the first half of next year."

She offered no further details of the fund being created with the pro-bono help of BlackRock, JPMorgan, McKinsey and global law firm Freshfields, but BlackRock has said it likely won't start operating until after the fighting ends.

The fund, under the control of the Ukrainian government, will aim to raise $10 billion from governments, multinational organizations and other large donors, then use it to generate at least $50 billion in investments in the country.

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