Ukraine, US plan to launch minerals investment fund by year's end
A joint Ukrainian-American investment fund tied to the countries' minerals agreement could begin operations by the end of 2025, Ukrainian Economy Minister Yulia Svyrydenko said June 4, according to Reuters.
The fund is a central component of the bilateral mineral resources agreement signed April 30, which grants the U.S. special access to projects developing Ukraine’s vast reserves of strategic minerals, including lithium, titanium and rare earth elements.
On June 4, Svyrydenko met in Washington with U.S. Treasury Secretary Scott Bessent and officials from the U.S. International Development Finance Corporation (DFC), which will serve as the American partner in the fund's management.
"We discussed very concrete steps how to make this fund operational during this year," Svyrydenko said in Washington. We plan to have the first board meeting of this fund in July, and we will discuss what will be the seed capital to start operating this fund."
The Reconstruction Investment Fund will be jointly managed by the DFC and Ukraine's Public-Private Partnerships Agency. While both governments have withheld operational specifics, the fund is expected to serve as a long-term vehicle for Ukraine's postwar recovery.
Kyiv launched the fund on May 23, after months of negotiations that strained ties with Washington. Negotiations led to the removal of controversial provisions Ukrainian officials feared could allow for exploitation of Ukraine's resources.
The Ukrainian parliament approved the necessary amendments to the Budget Code on June 4 to allow for national revenue streams — including rent payments, subsoil permit proceeds, and production-sharing revenues — to be redirected to the fund.
President Volodymyr Zelensky signed the ratified minerals agreement on May 12. Two additional operational agreements were signed on May 13 to facilitate the fund's launch.
Prime Minister Denys Shmyhal previously said that future U.S. military assistance could count as contributions to the fund, but clarified that past aid would not be included.
Despite lacking explicit security guarantees from the U.S. — a key priority for Kyiv — the agreement signals a new phase in U.S.-Ukraine economic cooperation.
Olena Goncharova
