Cooperation between the private and public sectors, attracting large-scale private capital is the key to a quick and successful recovery of Ukraine, David Solomon, CEO of Goldman Sachs, and Larry Fink, CEO of BlackRock, have said.

"This gonna be a big challenge: it's gonna require real partnership among financial institutions and capital, capital pulls over the world, and it's gonna require your partnership between governments, and the public sector and the private sector, and for one very interested in standing ready and to do also a part, in providing some ideas… capital and the leadership as we go down this journey," Solomon said in Davos at the Ukrainian Breakfast hosted by the Victor Pinchuk Foundation on Thursday.

"In my conversation with the President [Zelensky] I said that it is our objective, if you hire us, we are not going to create new oligarchs, but create new Ukraine, it's our objective to create a capitalistic system where capital can be properly used. And it's not about we are building the old Ukraine: it's about building a better Ukraine," Fink said.

According to the head of Goldman Sachs, the recovery process will not be simple and linear and will require a significant amount of capital.

"This cannot happen without the public sector and public money in partner with, there is no question that as we rebuild there will be good economic incentives for real return and real investment," he said.

According to the investment banker, there will be a transitional period when this capital will be raised easily: the private sector and financial institutions will bring resources, and governments would have to lend a bridge into the process to understand the roadmap work clearly.

In this regard, Solomon called Canada's initiative to issue government bonds in support of Ukraine worth CAD 500 million very important.

This initiative can be scaled, multiplied and bring success, he said.

The head of Goldman Sachs added that the capital will work and will also make money.

Fink from BlackRock also said that this is not about philanthropy, but about rebuilding Ukraine, which will become an example for the whole world.

"And the president not accepted it, but he said that you need do even more: Ukraine must become that country… that is a leader in new technologies, the leader in decarbonization," the investment banker said.

According to him, it is necessary to create a platform, organizational structure, calculate KPI, create a monitoring where the money will go, how it utilized, hire Ukrainians to manage it.

"That is not gonna be that we're been doing. We'd just set up a structure, we'd organize the process and we would help to recruit the Ukrainians who can actually navigate it and manage it and then bring it to fruition," Fink said.

He said that in this way it will be possible to attract capital by showing the result.