Australian iron ore magnate Andrew Forrest announced on Thursday a USD 500 mln commitment towards the launch of a USD 25 bn international investment fund designed to help Ukraine rebuild after Russia’s invasion.

The Ukraine Green Growth Initiative will focus on building out infrastructure projects in energy and communications, including a green energy grid, according to a press release from Forrest’s family office Tattarang.

Ukrainian President Volodymyr Zelenskyy was quoted in the press release welcoming the investment and saying it would help Ukraine become the fastest-growing economy in Europe, adding that Ukraine will be able to take advantage of the most modern green and digital infrastructure, and “leapfrog” into the latest technology.

Russia has stepped up its missile assault on Ukraine this week, targeting cities and energy infrastructure in what Kyiv said is the heaviest wave of missile strikes in nearly nine months of war.

Forrest, founder of Fortescue Metals Group Ltd, said consultations for the fund, which will help Ukraine rebuild and “enter a golden era”, have been underway since March, and involved conversations with Prime Minister Anthony Albanese, U.S. President Joe Biden, former British Prime Minister Boris Johnson and others.