In a move that has garnered both praise and criticism, financial giants BlackRock and JPMorgan Chase have announced they are helping the Ukrainian government in establishing a reconstruction bank, the Ukraine Development Fund. The fund's aim is to attract private investment on a large scale for post-war rebuilding projects, Financial Times reported.

BlackRock's vice-chair, Philipp Hildebrand, announced their intention to "mobilize capital at scale" and use it to attract between five and ten times as much private investment. The investment will be prioritized in infrastructure, climate, and agriculture.

"So many of today's long-term challenges are best addressed through blended finance and this is one. You need these vehicles to mobilize capital at scale," said Hildebrand.