Zelensky announces alliance with BlackRock for reconstruction of Ukraine
Brady Knox
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Ukrainian President Volodymyr Zelensky announced a new partnership with the investment management company BlackRock for rebuilding Ukraine from the ruins of war.
He also said Ukraine would participate in next month’s World Economic Forum in Davos, Switzerland.
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Zelensky and BlackRock CEO Larry Fink met virtually on Wednesday, the president’s website revealed, and discussed plans for the financial behemoth to play a prominent role in the postwar reconstruction of Ukraine, which has been subjected to massive Russian depredations for most of this year.
Plans for BlackRock leaders to visit Ukraine in the new year were finalized at the meeting.
Zelensky also announced that Ukraine would participate in next year’s WEF summit in Switzerland from Jan. 16-20 but didn’t specify if he would be attending in-person or virtually.
“I have spoken with the head of the world’s largest investment fund, BlackRock, and have been assured yet again that businesses from the developed world are ready to invest in our recovery,” the Ukrainian media quoted Zelensky as saying in a video address, Interfax reported. “Company specialists are already helping Ukraine structure the Recovery Fund.”
“We are preparing to partake in the World Economic Forum in Davos. The posture and prospects of Ukraine will be presented there,” he added.
Zelensky and Fink first met virtually in September, where plans for BlackRock’s participation in postwar reconstruction efforts were sketched out. BlackRock specialists are set to play a key advisory role in Ukraine’s economy. The Ukraine president’s website stated, “The BlackRock team has been working for several months on a project to advise the Ukrainian government on how to structure the country’s reconstruction funds.
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BlackRock and the WEF are both prestigious economic vehicles; BlackRock is the world’s largest money manager, with assets of $8 trillion, while the WEF plays a central role in global economic planning and development. Both are highly controversial, however, particularly because they push environmental, social, and governance practices, known as ESG. The WEF has drawn criticism for articles and tweets in which it seems to advocate the widespread abolition of property and privacy.
Ukraine’s economy has sustained immense damage since Russia’s invasion earlier this year. Estimates state that half of Ukrainians will live in poverty by the end of next year, the country’s GDP is expected to shrink by 35%-40%, and its budget deficit is running at $5 billion monthly, the New York Times reported. In November, Zelensky estimated that the total cost of rebuilding Ukraine would exceed $1 trillion.