Australian magnate establishes $25 billion fund to rebuild Ukraine
In Australia, billionaire mining magnate Andrew Forrest has established a $25 billion investment fund to help rebuild Ukraine after the war.
The billionaire and his wife have allocated $500 million to the Green Development Fund of Ukraine. The funds are planned to be invested in primary infrastructure such as energy and telecommunications networks.
The fund said it is working with Larry Fink, chairman of investment giant BlackRock, and hopes to get support from sovereign wealth funds and other professional investors.
Andrew Forrest, who himself made his fortune in iron ore mining, wants to focus on renewable energy. According to him, President Volodymyr Zelenskyy sees the project as a chance to completely replace old coal and nuclear power plants with new green energy.
By the way, the billionaire himself earned his fortune during the mining boom in Australia. He is the founder and executive chairman of iron ore giant Fortescue Metals.
In recent years, Forrest has paid attention to environmental technologies, launched initiatives to decarbonize his mining complexes and produce green hydrogen.
