Andrew Forrest, mining magnate and one of Australia’s richest people, has pledged US$500 million/AU$744 million, to a fund that will help to rebuild Ukraine, following its invasion by Russia.
Andrew Forrest, former CEO and current non-executive chairman of mining group Fortescue Metals Group (FMG), has kickstarted an investment fund with his wife, Nicola, that they hope will be worth at least $25 billion and that will be used to help rebuild Ukraine.
The couple have pledged US$500 million to the fund, which is known as the Ukraine Green Growth Initiative. While they hope the investment fund will be worth at least US$25 billion, they say it could eventually grow to around $100 billion.
The fund says it plans to use the money to invest in infrastructure including energy and telecoms, according to the BBC. Andrew Forrest plans to recruit other wealthy investors, including sovereign wealth funds, to commit to the Ukraine Green Growth Initiative too. Forrest has also spoken with some of the world’s leaders, including Australian Prime Minister, Anthony Albanese, US President Joe Biden and former British Prime Minister, Boris Johnson to discuss the plan.
Ukraine President Volodymyr Zelensky has reportedly welcomed the move. He’s been quoted as saying, “We will not replace communist-era rubbish Russian infrastructure, instead we will leapfrog to the latest technology,”
“We will take advantage of the fact that what the Russians have destroyed can readily be replaced with the latest, most modern green and digital infrastructure.”
Mr Forrest, speaking to the BBC, added, “The president [Zelensky] sees that as an opportunity to completely replace old coal-fired [and] nuclear power stations with brand new green energy. That capital would be available the instant that the Russian forces have been removed from the homelands of Ukraine.”
He added to ABC that he wanted Ukrainians to know there would be “a bright future when they do expel the Russian forces.”
Russian President Vladimir Putin launched an invasion on the neighbouring country of Ukraine in February 2022, claiming his reasons to be to “demilitarise and de-Nazify Ukraine,” according to the BBC. Putin’s actions have been condemned by virtually everyone around the world, including some Russians, which goes some way to explaining why Andrew Forrest has chosen to set up this investment fund to help rebuild the country once Russia retreats.
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