Andrew Forrest, an Australian mining magnate, has formed a fund worth at least $25 billion (£21 billion) to aid in the reconstruction of war-torn Ukraine.
Mr. Forrest and his wife have contributed $500 million to the fund, which organizers hope will rise to $100 billion in the future.
The Ukraine Green Growth Initiative intends to invest in core infrastructures such as energy and telecommunications networks.
The move was praised by President Zelensky.
The fund stated that it has been working with Larry Fink, chairman of investment firm BlackRock and that it aims to garner support from sovereign wealth funds and other professional investors.
Mr. Forrest stated that since beginning work on the fund in early March, he has met with a number of world leaders, including US President Joe Biden, then-UK Prime Minister Boris Johnson, and European Commission President Ursula von der Leyen.
Mr. Forrest amassed his fortune as a result of Australia’s mining boom. He is the founder and CEO of the iron ore conglomerate Fortescue Metals.
He has recently shifted his focus to sustainable technologies, with plans to decarbonize his mining operations and become a significant producer of green hydrogen.
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