Andrew Forrest, owner of Australian steel giant Fortescue, set out to raise $100bn for Ukraine's post-war reconstruction.. He was supported by Joe Biden and will be assisted by BlackRock investment company. How the fund will work - Forrest told Forbes authors Sergey Shevchuk and Daria Dzysyuk about this.

Forrest, who is on the Forbes global list of billionaires with a fortune of about $20 billion, has become one of the main promoters of private fundraising for the future recovery of Ukraine.. In November, Forrest already announced that he would invest $500 million in the Ukraine Recovery Fund..

He agreed on the organization of the fund with the world's largest investment company BlackRock. The final goal is to raise $100 billion, of which $25 billion is already in the first stage. True, Ukraine will be able to get access to these resources only after the end of the hot phase of the war with Russia, Forrest explains..

“Raising funds from private investors during the war is not an unrealistic task, but it is extremely difficult,” he says.. However, Forrest has no doubt that BlackRock will be able to collect the declared 100 billion.

In August, the businessman visited Kyiv, where he met with President Volodymyr Zelensky. “To realize the full scale of the enthusiasm of Ukrainians, it is enough to go to Ukraine and see how much Ukrainians want to win this war and rebuild their country,” he says..

On August 16, Forrest escorted the Brave Commander grain carrier on its flight, which left the port of Yuzhny in the Odessa region along the “grain corridor”.

This was the first World Food Program flight to carry grain for Ethiopia.. It was financed by the Australian businessman himself and Howard Buffett, the son of the founder of the investment company Berkshire Hathaway, Warren Buffett. Prior to this, only commercial vessels used the “corridor” at their own peril and risk..

“When Putin said that he would not stop cargo from Ukraine, someone had to check that this was true,” the businessman explains.. “We chartered our own ship, since no ship could be insured and sent to Ukraine”.

Forrest's idea to establish a fund that would accumulate funds for the upcoming restoration of the country came to Forrest a few days after the start of the war..

“At first I decided to discuss the idea with Matthias Kormann, Secretary General of the Organization for Economic Cooperation and Development, a good friend of mine,” recalls the billionaire. – He reacted positively, but advised to make sure that the initiative is approved by the EU, US, UK and Australia. I did it"

He then met with European Commission Vice President Valdis Dombrovskis, several High Commissioners for Ukraine, US President Joe Biden, Australian Prime Minister Anthony Albaniz and investors from the UK and Australia..

“When I realized that there was support, I turned to BlackRock, telling them that I had actually received the green light and was ready to create a fund,” the businessman recalls..

After that, Forrest arranged a meeting between BlackRock President Robert Steven and Zelensky. “The main work to attract investors will be carried out by BlackRock,” explains the businessman..

Online meeting of BlackRock tops Robert Steven and Larry Fink with the President of Ukraine took place in mid-September. Then it was about the fact that the BlackRock consulting team would advise the Ukrainian government for free on the creation of a recovery fund (but so far without its own investments), representatives of the company confirmed Forbes.

“Planning is in full swing,” says Forrest. “The fund is not working yet, because military actions on the territory of Ukraine interfere with it.”.

Whom does he expect to see among investors? “If we convey the logic of the restoration of Ukraine, then I think we will see world sovereign and pension funds among investors,” the businessman explains..

This logic should focus on replacing damaged or destroyed modern infrastructure, Forrest says.. In the center is the transition to green energy and the full digitalization of the economy.

“What the Russian troops are now destroying, we call “Soviet garbage,” he says.. “Which, by the way, President Zelensky himself agrees with”.

At the same time, Ukraine must do its own homework.. Forrest names transition to a digital, cashless economy among the priorities in order to finally eradicate corruption.

“Ukraine must fulfill a number of other points that we are actively working on with Black Rock in order to prove our readiness to attract large investments.. he says. “Big investments come with big responsibilities”.

“Going back to oil and gas is like being an alcoholic,” Forrest says.. – Yes, this is a solution that can help, but only temporarily. It poisons you from the inside”.

According to him, the more the world uses fossil fuels, the more temptation there is for autocratic regimes to turn resources into weapons.. As, in fact, what happened now during the war in Ukraine.

" “On the contrary, they democratize energy.”.

So the foundation was created.. Its ideology is clear, structures and people who do not throw words are ready to fill it. Our task is to expel the invaders from the country. And people like Forrest, Buffett and their money will come.