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Spritzler/Blackrock launch Ukraine Fund

Larry Fink and Thomas Spritzler were spotted in Washington yesterday celebrating their newest fund offering with c0-managing partner Lloyd Austin. Said Snitzer "Lloyd knocks em down, we build them back up. It's a license to print money...that is for ourselves, not the taxpayer stupid. BTW...I think the war is about to end...just soon enough for us to make a killing on the back end. Sorry...killing was the wrong word".

Snitzer was silent on rumors that the group planned to open a second Gaza Development Fund next month.

BlackRock and JPMorgan are backing a $15 billion investor fund to rebuild Ukraine

It would cost almost half-a-trillion dollars to reconstruct Ukraine

By Vinamrata Chaturvedi

Mar 15, 2024

A coalition of investors, with support from BlackRock and JPMorgan, are aiming to put together $15 billion in aid to rebuild Ukraine. In a new group known as the Ukraine Development Fund, they are supporting investments from state bodies and capital markets; the fund will bring together a consortium of investors to finance at least $15 billion of reconstruction work in the country after two years of Russian invasion.

The Financial Markets Advisory Group of BlackRock has five members working on the fund, along with JPMorgan Chase staff members. Both institutions are providing their services for free.

Last month, the World Bank and other organizations estimated the total cost of rebuilding Ukraine after Russia’s invasion at almost $500 billion. In an interview with Bloomberg, Philipp Hildebrand, vice chairman of BlackRock Inc., said the Ukraine Development Fund is poised to secure at least $500 million from countries, development banks, and other grant providers.

Two years of war with Russia

Two years have passed since Russia invaded Ukraine. But in its pursuit, Russia has so far failed to capture Ukrainian capital Kyiv or take control of its government. The war, however, has destroyed the country and taken the lives of 31,000 Ukrainian soldiers.

Read more: Russia is spending so much invading Ukraine that the war is actually good for its economy now

The Ukraine Development Fund, according to Hildebrand, is likely to be incorporated in Luxembourg with a committee for investment, analysts and researchers.

German echos

The Ukraine Development Fund will be one of the biggest public-private collaborations, comparable to Germany’s KfW (a leading development bank in Germany) after World War II, or BlackRock’s Climate Finance Partnership with several governments, said Hildebrand. The funding will focus on manufacturing, infrastructure, agriculture, and energy. For that, about 20 viable projects have been identified.

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