Minerals deal with US: First projects could be determined as early as September
Photo: Ukrainian Prime Minister Yulia Svyrydenko (Getty Images)
The governing board of the Ukraine Reconstruction Investment Fund held its first meeting on Wednesday, September 3. The first projects under the US-Ukraine minerals deal could be identified as early as September, stated Ukrainian Prime Minister Yulia Svyrydenko.
According to her, the governing board of the Reconstruction Investment Fund is the key management body, composed of three representatives each from Ukraine and the United States.
The US side delegated Treasury Secretary Scott Bessent, DFC Chief Investment Officer Connor Coleman, and DFC Vice President and General Counsel Robert Stebbins.
The Prime Minister said the board approved its rules of procedure, formed committees, and granted authority to open the Fund’s bank accounts and select its administrator and investment advisor.
"The next step is to determine projects for the first pilot investments. In September, we will discuss this with our DFC colleagues during their visit to Kyiv. As we have repeatedly emphasized, American investments can serve as a security guarantee for both Ukraine and US businesses in the country," she stressed.
Reconstruction Investment Fund
Recall that on May 1, Ukraine and the US signed an agreement to establish the American-Ukrainian Reconstruction Investment Fund. On May 8, the Verkhovna Rada ratified the intergovernmental agreement.
Ukrainian President Volodymyr Zelenskyy signed the law on May 12, completing the ratification process.
Other agreements will be commercial in nature and will no longer require government approval.
Also in May, Ukraine and the US launched a joint fund to rebuild the country. The parties will invest in joint projects in Ukraine, including the extraction of critical minerals.
Recently, the Cabinet of Ministers delegated representatives to the governing board of the Ukraine Reconstruction Investment Fund.
For more details on the fund’s launch stage, the expected timeline for the first projects, and the obstacles facing Western capital in Ukraine’s natural resources, see the material by RBC-Ukraine.
