(RightWing.org) – President Volodymyr Zelenskyy gave a rousing speech on February 15 as the country hurtles toward the one-year anniversary of Russia’s invasion. “We want to be victorious this year,” he proclaimed while urging Ukrainians “not to forget” their “friends.” Coincidentally (or not), the war-torn country recently found a new ally in JPMorgan Chase & Co. when the New York-based bank said yes to financing Ukraine’s reconstruction.
As Fox Business recently reported, although Ukraine has received billions of dollars in western aid, those sources will eventually dry up, creating the need for private capital. However, unlike the more than $30 billion the country received from the United States (and counting), private investors expect to receive a return.
With that in mind, several JP Morgan officials traveled to Ukraine the week before Zelenskyy’s speech to tour the country and witness firsthand the economic damage wrought by the war and to offer assistance. They capped off their visit by meeting with the president for several hours on Friday, February 10.
The president’s official website reported the parties talked about the “creation of a platform” to attract private capital to Ukraine to help reconstruct its war-ravaged infrastructure. They also discussed other investment opportunities in Ukraine, particularly in emerging sectors like information technology, green energy, and advanced agricultural systems.
SCOOP- JP Morgan reaches agreement with Ukraine's Zelenskyy on rebuilding infrastructure with massive investment fund, presents Patriots jersey | Fox Business https://t.co/4aMg29c1m3
— Charles Gasparino (@CGasparino) February 12, 2023
Zelenskyy acknowledged an equitable partnership with private investors cannot benefit just one party. “We want you to invest in Ukraine and [make] money,” he proclaimed. JP Morgan Chairman and CEO Jamie Dimon echoed that sentiment, adding the bank was “proud” of its “long-standing support of Ukraine” and ongoing commitment to doing its part to “lift up the country and its people.”
Earlier in the week, JP Morgan and Ukraine’s Economic Ministry signed a memorandum of understanding, the first step in creating a partnership to help Ukraine stabilize its economy, rebuild its sovereign credit ratings, and identify opportunities for private investment.
Likewise, JP Morgan officials discussed the possibility of creating an investment fund seeded with roughly $20 to $30 billion in private capital and headed by Wall Street firms, according to Fox Business. As a showing of goodwill, JP Morgan invited Ukraine to participate in one of its most significant annual investment summits using a video link. Roughly 200 of the bank’s most prominent investors, corporations, and financial companies participated in the meeting.
Copyright 2023, RightWing.org
