In the hopes of coordinating between $20 billion and $30 billion in funds to rebuild the war-torn country, JPMorgan Chase signed an agreement with the Ukrainian government.
In a Fox Business report, senior representatives from the largest bank in the United States met with Ukrainian President Volodymyr Zelensky and his team last week in Kyiv and other major cities. JPMorgan Chase executives gave the head of state a New England Patriots jersey with the number 91, which represents the year Ukraine earned independence from the Soviet Union, on the day of the Super Bowl.
In a statement, Zelensky said, “I understand very well that doing business and investing cannot be beneficial to only one party. We want you to invest in Ukraine and earn money.”
More than 200 businesses, investors, and financial institutions attended an online investment summit that was hosted by a panel of JPMorgan Chase bankers and officials of the Ukrainian government.
With information technology, renewable energy sources, and agricultural technology initiatives, which the nation can attract private capital, Participants discussed forming a mechanism through it.
Adding that the bank’s “full resources” are available to the nation “as it charts its post-conflict path to growth,” JPMorgan Chase CEO Jamie Dimon said, “We are proud of our long-standing support of Ukraine and committed to doing our part to lift up the country and its people.”
According to another statement from the government’s executive branch, analysts at the firm will “include advice on the structure, investment process, governance, and use of proceeds for a fund” while creating “opportunity for both public and private investors to participate in reconstructing and rejuvenating the market economy in Ukraine by delivering fair and just returns to investors,” as the announcement follows BlackRock, an asset management corporation, endorsing a comparable memorandum of agreement with the Ukrainian government two months prior.
However, the Ukrainian economy would contract by more than 45% in 2022, while the Russian economy would shrink by more than 11%, as the World Bank published an estimate, in the weeks after the conflict; although the extent of damage to the labor force, infrastructure, and natural resources of Ukraine as a result of the Russian invasion has not yet been measured.
In a report from the Defense Department, over the past year, the Biden administration has provided Ukraine with more than $24.2 billion in military assistance. Meanwhile, in an analysis from the Council on Foreign Relations, far surpassing the assistance offered by European Union institutions and member states, the federal government has also provided $9.9 billion in humanitarian aid and $15.1 billion in budgetary aid.
Last year, during an address to the United States Congress that aid from Western nations would accelerate victory against Russia, Zelensky said:
“Financial assistance is also critically important, and I would like to thank you, thank you very much, thank you for both financial packages you have already provided us with and the ones you may be willing to decide on. Your money is not charity. It’s an investment in the global security and democracy that we handle in the most responsible way.”
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