US says 3 Ukraine investment projects achievable in 2026 under joint fund
The U.S. believes launching three projects under a joint U.S.-Ukrainian investment fund created under the so-called minerals deal last year is achievable, but ambitious, a senior U.S. official told reporters on Feb. 2.
Ukraine had long said it wanted three projects invested through the fund in the first 18 months following the deal's signing in April 2025, after tense negotiations. As Russia's full-scale invasion approaches its fifth year, Ukraine faces an estimated nearly $1 trillion in reconstruction needs over the next decade.
"I think three projects is a realistic goal. We’re doing our best," the official said, speaking under the condition of anonymity.
"Investing in private equity, and particularly in infrastructure, is difficult. Doing it in a war zone is even more difficult. It's going to take a lot of hard work from a lot of serious professionals to get there."
Since a portal went live earlier this year to accept applications, hundreds of projects have been submitted to the U.S.-Ukraine Reconstruction Investment Fund, referred to as URIF, the official said.
The fund was jointly developed by the U.S. International Development Finance Corporation (DFC), a U.S. government-backed investment agency, and Ukraine’s Economy Ministry.
The deal offers American and other foreign companies access to investment projects in Ukraine that meet Washington’s political goals and Ukraine’s economic and political needs.
While no final proposals have been finalized yet, the fund will prioritize projects in infrastructure, energy, technology, as well as critical minerals and mining, the official said.
The energy sector is a high-priority area as Ukraine suffers an energy crisis following Russia’s bombing campaign on critical infrastructure, according to the official.
While refraining from mentioning specific companies or assets, the official pointed to new energy generation and transmission projects as well as the extraction of hydrocarbons like natural gas.
Already, $23 million has been designated to the fund in revenues from hydrocarbon auctions. The fund should receive that money in the next couple of months, the official said.
"There's a huge need for energy investment in this country, and there’s huge potential as well," the official said.
For the first ten years, all profits from the fund will be reinvested in Ukraine's economy, with Kyiv and Washington allocating $75 million each in seed capital last September.
Speaking at Ukraine House Davos on Jan. 20, Ukraine’s Oleksii Sobolev told the audience that the fund will invest in the three "most important" projects this year, "to show it as a success."
After a long period of ironing out the details following the deal's signing in April 2025, which led to speculation that the deal had fallen through, the fund is now "in the execution stage," the official said.
Currently, both sides are looking over projects to bring to the fund’s investment committee for approval. The first investments should come in the next three to six months, DFC’s investment head, Conor Coleman, said at Ukraine House Davos on Jan. 20.
"We're not waiting for the war to end. We're not waiting for the ceasefire. We're investing now," the official said on Feb. 2.
