JPMorgan Will Help Rebuild Ukraine With Fund As Large As $30 Billion

Ben ZeisloftFebruary 13, 2023

JPMorgan Chase The signing of an agreement Ukrainian In the hope of coordinating funds for rebuilding the country, the government will allocate between $20 billion to $30 billion. war-torn country.

According to a report, senior officials from the United States’ largest bank met last week in Kyiv with President Volodymyr Zelensky of Ukraine and his staffers. Report Fox Business. JPMorgan Chase executives presented the head state with a New England Patriots Jersey with the number 91. This jersey was symbolic of Ukraine’s independence from the Soviet Union.

“I understand very well that doing business and investing cannot be beneficial to only one party. We want you to invest in Ukraine and earn money,” Zelensky spoke in a Statement.

A panel of JPMorgan Chase bankers hosted an online investment summit that included more than 200 investors and financial institutions. Participants discussed the creation of a mechanism that would allow the country to attract private capital for information and renewable energy sources as well as agricultural technology initiatives.

“We are proud of our long-standing support of Ukraine and committed to doing our part to lift up the country and its people,” JPMorgan Chase CEO Jamie Dimon said, adding that the bank’s “full resources” Are available to the country “as it charts its post-conflict path to growth.”

This announcement comes just two months after BlackRock, an asset management company, made the same announcement endorsed Similar memorandums of understanding were also signed with the Ukrainian government. The firm’s analysts will “include advice on the structure, investment process, governance and use of proceeds for a fund” When creating “opportunity for both public and private investors to participate in reconstructing and rejuvenating the market economy in Ukraine by delivering fair and just returns to investors,” According to another Statement from the government’s executive branch.

While the exact extent of the damage caused to Ukraine’s infrastructure and labor force by the Russian invasion is not known, it can be estimated that there has been significant disruption. Estimate The World Bank published data in the weeks that followed the conflict stating that the Ukrainian economy would contract by more then 45% in 2022 and the Russian economy would shrink to less than 11%.

According to a report by a, the Biden administration gave Ukraine $24.2 billion in military support over the last year. Report Source: Defense Department. According to an analysis, the federal government also has provided $15.1 billion in budgetary assistance and $9.9 billion in humanitarian relief. Analyse The Council on Foreign Relations provides far more assistance than the European Union institutions or member states.

Zelensky spoke during an Address Last year, the United States Congress declared that Western nations’ aid would speed up victory against Russia. “Financial assistance is also critically important, and I would like to thank you, thank you very much, thank you for both financial packages you have already provided us with and the ones you may be willing to decide on,” He made the comment. “Your money is not charity. It’s an investment in the global security and democracy that we handle in the most responsible way.”