JPMorgan Chase to contribute to Ukraine reconstruction, coordinating $20-30 billion

AP Photo/Andrew Kravchenko

JPMorgan Chase announced an agreement with the Ukrainian government to coordinate between $20 billion and $30 billion in funds for the war-torn nation's reconstruction.

Executives from the largest bank in the United States met with Ukrainian President Volodymyr Zelensky and his staff in Kiev.

Zelensky was presented with a New England Patriots jersey emblazoned with the number 91, signifying the year Ukraine gained independence from the Soviet Union, Fox Business reported.

JPMorgan Chase CEO Jamie Dimon said the bank is "proud of our long-standing support of Ukraine and committed to doing our part to lift up the country and its people," and offered the bank's "full resources" to the nation "as it charts its post-conflict path to growth."

The bank is hopeful that the funds coordinated under the agreement will result in growth for the nation and returns for investors.

“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,” Zelensky said in a statement.

The agreement follows a memorandum of understanding announced two months ago by asset management company BlackRock, which included advice on the structure, investment process, governance and use of proceeds for a fund.

The agreement created "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."

The Biden administration has provided Ukraine with more than $24.2 billion in military assistance, $9.9 billion in humanitarian aid and $15.1 billion in budgetary aid over the past year, according to reports from the Defense Department and Council on Foreign Relations.