Ukraine, U.S. officially launch Investment Fund under minerals agreement

The Ukrainian Government portal says that on May 23, First Vice Prime Minister and Minister of Economy of Ukraine Yuliia Svyrydenko has received a note from the U.S. Chargé d’Affaires in Ukraine, Julie S. Davis.

Earlier, the Ukrainian government sent its note, and the U.S. International Development Finance Corporation (DFC) and the state-owned Public-Private Partnership Agency (PPP) signed two commercial partnership agreements. The U.S.-Ukraine Investment Fund launched on May 23 as a result.

"We are taking another step to strengthen and deepen our relationship with our strategic partner. I am grateful to everyone who helped us reach this Agreement. The negotiating team managed to fulfil the task set by President Volodymyr Zelenskyy. We have an equal Agreement that reflects Ukraine's national interests and provides for joint management and investment with the United States. It is a future-oriented agreement in which the United States and Ukraine are equal partners who jointly invest in the restoration and development of our country," said Yuliia Svyrydenko.

How the fund will work

The statement says that DFC and the PPP Agency will work together to speed up Ukraine’s economic recovery. The Fund will invest money from the United States and Ukraine in projects like natural resource extraction, oil and gas, ports, and related infrastructure.

The Fund will also help connect Ukrainian companies with potential resource investors, including DFC.

The Fund will run indefinitely, but the partners will review its progress every 10 years.

• Ukraine and the United States signed an agreement on April 30 to create the Ukraine Recovery Investment Fund.
• On May 6, Ukraine’s Verkhovna Rada Committee on International Policy backed ratifying the mineral resources cooperation agreement with the U.S., both in principle and in full.
• On May 8, the Verkhovna Rada approved ratifying the mineral resources agreement.
• Then, on May 12, President Volodymyr Zelenskyy signed the law to ratify the agreement with the United States.