Australian mining magnate Andrew Forrest has started an investment fund that is anticipated to be valued at least $25 billion (£21 billion) and aid in the reconstruction of the infrastructure in war-torn Ukraine, BBC reports.
Forrest and his wife have contributed $500 million to the fund, which its organizers predict will reach $100 billion in the future.
The Ukraine Green Growth Initiative intends to make investments in vital networks for electricity and communications.
Volodymyr Zelensky, the president, praised the action, adding that the fact that what Russia destroyed can easily be rebuilt with the most recent, cutting-edge digital and green infrastructure will be used to Ukraine’s benefit.
The fund said that it has been collaborating with Larry Fink, head of the massive investment firm BlackRock, and it aspires to win the backing of sovereign wealth funds and other experienced financiers.
Forrest said that since beginning work on the investment fund at the beginning of March, he has spoken with a number of international leaders about the proposal, including US President Joe Biden, former UK Prime Minister Boris Johnson, and European Commission President Ursula von der Leyen.
“The president sees that as an opportunity to completely replace old coal-fired [and] nuclear power stations with brand new green energy,” Forrest said, as reported by the BBC.
Russian missiles have recently attacked Ukraine’s energy infrastructure, most notably its power facilities.
Denys Shmyhal, the prime minister of Ukraine, estimated that it would cost the nation $750 billion to recover from the conflict, which had directly damaged infrastructure to the tune of $100 billion.
This week, Russia vehemently rejected pleas from around the world that it makes restitution for the harm it caused to Ukraine during the conflict.
Following the adoption of a resolution by the UN General Assembly declaring that Russia must bear the costs of its actions, including making reparations, it happened shortly after.
Although they lack the authority to compel compliance, General Assembly decisions have symbolic value.
The Kremlin pledged to do all in its power to prevent the West from taking its foreign reserves in order to pay for reparations.
