Key facts
- The Minderoo Foundation pledged $2 million to support Ukrainian agrifood businesses.
- The funds will aid the World Food Program's SME agrifood facility.
- Andrew Forrest announced the donation at the Ukraine Recovery Conference in Gdansk.
- The investment aims to build capacity and unlock private capital for businesses in war-torn regions.
- Minderoo Foundation has previously supported initiatives like 'Grain from Ukraine' and the Black Sea Grain Initiative.
Australian billionaire Andrew Forrest's Minderoo Foundation has pledged $2 million to the World Food Program to bolster Ukraine's agrifood sector, which has been severely impacted by Russia's ongoing invasion. The funds are earmarked for the World Food Program’s SME agrifood facility, designed to help Ukrainian businesses scale up operations and connect with markets and investors, particularly in areas heavily affected by the conflict.
Announcing the commitment at the Ukraine Recovery Conference in Gdansk, Poland, Forrest emphasized the critical need for investment in Ukraine, urging donors to provide capital where government and traditional investment channels are unable to operate due to war risks. He highlighted that agriculture, a vital component of Ukraine's economy contributing significantly to exports and GDP, faces challenges including extensive landmine contamination and a withdrawal of financing from banks.
The Minderoo Foundation's contribution builds on its previous support for Ukraine's food security and agricultural recovery. Past initiatives include the 'Grain from Ukraine' program, which delivered over 320,000 metric tons of food commodities, and support for the Black Sea Grain Initiative, which facilitated the delivery of 23,000 tons of wheat. These efforts have aimed to reach food-insecure populations and revive rural livelihoods by demining farmland and bringing it back into production.
In addition to the agrifood sector support, Forrest also announced a $500,000 pledge to the Olena Zelenska Foundation to enhance the safety and resilience of schools located near Ukraine's front lines. Since February 2022, the Minderoo Foundation has collectively provided AUD $40 million to support various aspects of Ukraine's recovery, including humanitarian relief, agricultural recovery, demining efforts, and community resilience.