Ukraine plots post-war rebuilding effort with JPMorgan Chase as economic advisor

Ukraine’s government signed an agreement with JPMorgan Chase to help advise the war-afflicted country on its economy and future rebuilding efforts.

Ukraine’s Ministry of Economy signed a memorandum of understanding with a group of executives from the New York-based bank on Thursday aimed at rebuilding and developing the country, according to a statement from President Volodymyr Zelenskyy.

One year into its conflict with Russia, which invaded in February 2022, Ukraine’s government is laying the groundwork to help rebuild the country. The invasion has cost thousands of civilian lives and set off Europe’s largest refugee crisis since the Second World War. It also ignited a corporate exodus from Russia, and has helped galvanize support for Ukraine.

JPMorgan will tap its debt capital markets operations, payments, and commercial banking and infrastructure investing expertise to help the country stabilize its economy and credit rating, manage its funds, and advance its digital adoption, according to a person with knowledge of the agreement.

Of particular importance is advising the nation on efforts to raise private funds to help it rebuild and invest for future growth in areas including renewable energy, agriculture and technology.

“The full resources of JPMorgan Chase are available to Ukraine as it charts its post-conflict path to growth,” CEO Jamie Dimon said in a statement.

Dimon added JPMorgan was proud of its support for Ukraine and was committed to its people. The bank led a $20 billion debt restructuring for the country last year and has committed millions of dollars in support for its refugees.

On Friday, Zelenskyy spoke via teleconference with guests of JPMorgan’s annual wealth management summit in Miami after the agreement was signed. The discussion was moderated by ex-U.K. Prime Minister Tony Blair and former Secretary of State Condoleezza Rice.