Ferrexpo raises Ukraine Humanitarian Fund to US$7.5mn
Ferrexpo has increased funding for its Humanitarian Fund to US$7.5 million to provide further support to local communities close to the Group’s operations, as well as broader support for communities throughout Ukraine.
Ferrexpo, the world's third largest exporter of high grade iron ore pellets to the global steel industry, with operations in central Ukraine, launched the fund last week with an US$1.5mn donation (click here).
"The Group has been made aware of further projects and initiatives to support the humanitarian relief effort within Ukraine and the Group’s Board of Directors has moved to quickly increase the Fund’s approved budget accordingly," according to a statement.
"Examples of projects that sit within the Fund’s activities include the Group’s efforts to coordinate the supply and distribution of food packages, the sourcing of basic medical supplies for local hospitals and medical facilities and the provision of meals for local residents of communities surrounding to the Group’s operations.
"The situation in Ukraine is rapidly evolving and the Fund is intended help enable the Group to react quickly to meet the increased needs of Ukraine and our workforce and their families at this difficult time."
Ferrexpo said its priority remains the safety of its 10,000 colleagues and local communities, and it is working to tackle the humanitarian crisis that is emerging across Ukraine.
Last week the Executive Board of the International Monetary Fund (IMF) approved US$1.4bn emergency financing under the Rapid Financing Instrument (RFI) to help mitigate the economic impact of the war.
Since the start of 2022, the US has committed US$54mn in humanitarian assistance and additional US$350mn security assistance, bringing total security assistance in the last year to over US$1bn.