Zelensky meets with JP Morgan CEO in search of funding

The war in Ukraine

Published 18 January 2024
- By Editorial Staff
Volodmyr Zelensky and JP Morgan CEO Jamie Dimon.

Amid reports that Western support for Ukraine is waning, President Volodymyr Zelensky is constantly looking for new ways to finance his reconstruction plans.

According to sources, the Ukrainian president will meet with JP Morgan CEO Jamie Dimon during the ongoing World Economic Forum in Davos to try to secure funding and raise more money.

JP Morgan is America’s largest and richest bank and is often described as one of the most economically influential players in the world. The bank has previously advised the Ukrainian government and helped secure funding for post-war reconstruction.

However, when Euronews contacted bank officials, they refused to answer questions.

It should be noted that Ukraine is in constant need of money after the protracted war with Russia – despite the fact that Western powers have already provided over 230 billion euros in military and economic aid. However, a growing number of voices in the US and Europe are calling for a reduction in financial aid to Ukraine.

JP Morgan has already helped Ukraine raise over $25 billion in government bonds since 2010 and led the country’s debt restructuring last year.

War – a tremendous opportunity

CEO Jamie Dimon has long argued that the US has a responsibility to “do the right thing” and help Ukraine, and has also been involved in plans to attract private capital to projects in the war-torn country.

In June, investment firms BlackRock and JP Morgan partnered with the Ukrainian government to create a development finance institution to attract public and private investors for infrastructure, climate and agricultural projects.

Zelensky will also reportedly meet with Swiss President Viola Amherd – again with the aim of raising funds. The Alpine country has so far donated more than 2.3 billion euros to Ukraine.

Another JP Morgan executive, Stefan Weiler, called the current situation in Ukraine with the ongoing war a “tremendous opportunity” for private investors to “put money into Ukraine’s future”.

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