American company stops seeking investments for Ukraine

One of the world’s largest investment companies, BlackRock, has stopped searching for investors for a multi-billion dollar fund to renew Ukraine at the beginning of 2025.

Bloomberg writes about this, citing sources.

The fund had nearly attracted support from organizations backing the governments of Germany, Italy, and Poland, but BlackRock suspended talks with institutional investors in January due to a lack of interest amid growing uncertainty about Ukraine’s future. The publication notes that the U.S. government was not visible among the backers a month earlier.

The fund was to raise at least $500 million from countries, development banks and grantors, as well as $2 billion from private investors for reconstruction projects, BlackRock Vice Chairman Philipp Hildebrand said last year. The plan was to create a consortium of investors to finance at least $15 billion in restoration work in Ukraine. The World Bank estimates that the total cost of Ukraine’s reconstruction exceeds $500 billion.

A BlackRock spokesperson confirmed that the company completed pro bono advisory work for the Ukraine Development Fund in 2024 and has no active mandate with the Ukrainian government.

Bloomberg sources said BlackRock planned to present the fund in Italy at the Ukraine Reconstruction Conference on July 10-11, which is expected to be attended by Italian Prime Minister Giorgio Maloney and Ukrainian President Volodymyr Zelensky, although no exact dates were announced.

France is working on a proposal to create a fund to replace the scrapped BlackRock initiative, but it is unclear how effective the new plan would be without U.S. backing, the sources said.

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