Dr Andrew Forrest Leads USD$500 Million Investment for Ukraine’s Recovery and Development

July 7, 2023

Key Takeaways:

  • Dr Andrew Forrest AO, Chairman of Tattarang, is investing USD$500 million in the Ukraine Development Fund (UDF) to support the country’s recovery and development post-war.
  • The UDF, inspired by the Marshall Plan, will focus on green energy and digital infrastructure as key areas for investment.
  • The investment by Dr Forrest sets the foundation for the UDF and serves as a call to other global investors to participate in Ukraine’s transformation.
  • BlackRock, through its Financial Markets Advisory group, is providing advisory support for the UDF and will assist in attracting additional investors.
  • The UDF aims to position Ukraine as an attractive investment destination, emphasizing digitalization, green initiatives, fairness, and transparency.


Dr Andrew Forrest AO, Chairman of Tattarang, is leading a monumental investment of USD$500 million in the Ukraine Development Fund (UDF) at the Ukraine Recovery Conference 2023. Co-hosted by Prime Minister Rishi Sunak and President Volodymyr Zelenskyy, the conference aims to rally support for Ukraine’s reconstruction efforts after the war. Dr Forrest’s investment, focused on green energy and digital infrastructure, serves as a catalyst for Ukraine’s development and calls upon other global investors to participate in this transformative endeavor.

Supporting Ukraine’s Reconstruction through the UDF:

The President of Ukraine and the UK Foreign Secretary warmly welcomed Dr Forrest’s investment and leadership in kickstarting the UDF. The UDF will play a pivotal role in rebuilding Ukraine and positioning it as a major European green economy. Dr Forrest urged other investors to recognize Ukraine’s potential as a long-term investment opportunity with significant social impact.

Oleksandr Gryban, Deputy Minister for the Economy, expressed appreciation for Dr Forrest’s investment and highlighted his instrumental role in conceptualizing the UDF. Gryban stated, “Dr Andrew Forrest has been there with us from the start. He brought this private investment fund idea to us modeled off the Marshall Plan and then has worked together with BlackRock to bring it to fruition.”

Advisory Support from BlackRock:

BlackRock, the global investment management corporation, is providing advisory support for the UDF through its Financial Markets Advisory group (BlackRock FMA). Charles Hatami, Global Head of the Financial and Strategic Investors Group at BlackRock, expressed the company’s honor in assisting the Ukrainian government with the launch of the UDF. Hatami emphasized their recent visit to Kyiv, where they witnessed the resilience of the Ukrainian people and their determination to rebuild.

BlackRock FMA’s collaboration with the Ukrainian government began after Dr Forrest facilitated discussions with key stakeholders. In May 2023, the Ukrainian Ministry of Economy appointed BlackRock FMA to advise on the design of the UDF. This partnership aims to attract private capital and support the recovery and modernization of Ukraine’s economy.

The UDF: Inspired by the Marshall Plan:

The UDF draws inspiration from the Marshall Plan, a historic initiative that facilitated the reconstruction of Europe after World War II. Dr Forrest, after discussions with prominent leaders, approached Larry Fink, Chairman and CEO of BlackRock, to seek advisory support in creating an investment vehicle that would enable private investment in Ukraine’s recovery.

The UDF, announced by the Ukrainian Ministry of Economy, will provide a secure and reliable pathway for private investment, working in harmony with the public sector. By catalyzing investment, the UDF aims to build confidence in Ukraine as an appealing investment destination.

A Vision for a Digital, Green, and Corruption-Free Ukraine:

Dr Forrest envisions a future for Ukraine that goes beyond mere recovery. He emphasizes the need to leverage cutting-edge technology, efficient management practices, and forward-thinking solutions to transform Ukraine into a digital, green, fair, and corruption-free nation. He states, “We must imagine what it can be with vision, planning, and availability of the world’s best technology, management, and thinking.”

During his visit to Ukraine in June 2022, Dr Forrest met with President Zelenskyy and members of his cabinet, agreeing on the early-stage principles for the strategy. This laid the foundation for the subsequent partnership with BlackRock FMA and the establishment of the UDF.

Contributions by the Minderoo Foundation:

Dr Forrest’s philanthropic organization, the Minderoo Foundation, has already made significant contributions to support the Ukrainian people. This includes funding the first humanitarian grain shipment out of Ukraine and providing critical grain storage facilities. The foundation has also provided 180 generators to assist with energy supply.


Dr Andrew Forrest’s investment of USD$500 million in the Ukraine Development Fund sets the stage for Ukraine’s recovery and development post-war. Inspired by the Marshall Plan, the UDF will focus on green energy and digital infrastructure, aiming to position Ukraine as an attractive investment destination. With advisory support from BlackRock’s Financial Markets Advisory group, the UDF will mobilize public and private capital, fostering economic growth and transformation in Ukraine.

Dr Forrest’s vision for a digital, green, fair, and corruption-free Ukraine encapsulates the country’s potential for renewal. The UDF, along with the participation of global investors, aims to build a brighter future for Ukraine, leveraging the world’s best technologies and management practices. As Ukraine embarks on this transformative journey, Dr Andrew Forrest’s investment serves as a rallying cry to investors worldwide, encouraging them to join forces in shaping Ukraine’s golden era of growth and opportunity.

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