BlackRock and JPMorgan will help Ukraine launch a recovery bank.

The leading American investment companies, BlackRock and JPMorgan Chase, will help Ukraine to create the Fund for the Development of Ukraine – an investment bank for economic recovery after the war.

According to the FT, the Development Fund will attract low-cost loans from other states, donors, and international financial institutions. These are expected to be 5-10 times larger than private investments. Priority will be given to the following sectors: infrastructure, climate, and agriculture.

The fund’s creation is in its infancy and is unlikely to be launched before the end of the war. However, preliminary developments will be presented this week at the London Conference on the Reconstruction of Ukraine on June 21-22. It is expected that the fund’s supervisory board will include international financial institutions, and investment professionals will provide direct management.