BlackRock suspends Ukraine fund talks post Trump's victory
BlackRock, the world's biggest asset manager, has stopped efforts to raise money for Ukraine's recovery after a drop in US support following Donald Trump's election win.
The fund had some early backing from Germany, Italy, and Poland, but progress stalled as investors became wary without US government involvement.
Fund aimed to collect at least $500 million
The Ukraine Development Fund aimed to collect at least $500 million from governments and development banks, plus $2 billion from private investors.
BlackRock's vice chairman Philipp Hildebrand hoped this could unlock up to $15 billion for rebuilding Ukraine—a big number, but still far below the World Bank's estimate of more than $500 billion needed over 10 years.
BlackRock has finished its advisory role for the project
BlackRock has finished its advisory role for the project. Now France is working on a possible replacement fund, though it's unclear if it'll get off the ground without help from the US.
Even with international aid so far, Ukraine still faces huge funding gaps for urgent rebuilding projects.