Washington DC, April 30, 2025
The Ukrainian Government has unveiled details of the signed Agreement on the Establishment of the U.S.–Ukraine Reconstruction Investment Fund.
Ukraine and the United States sign Economic Partnership Agreement and establish the Reconstruction Investment Fund
Ministry of Economy of Ukraine, posted 01 May 2025 06:02
Ukraine and the United States have signed an Economic Partnership Agreement to establish the Reconstruction Investment Fund – an essential new instrument for mobilizing investment into Ukraine’s economic development and advancing the Ukraine-U.S. strategic partnership.
The Agreement was signed in Washington on April 30 by First Deputy Prime Minister and Minister of Economy of Ukraine Yuliia Svyrydenko and U.S. Treasury Secretary Scott Bessent.
The Reconstruction Investment Fund will enable financing for critical projects in the development of natural resources, while also fostering innovation, technological development, and recovery.
The Agreement will benefit both nations. The United States will assist Ukraine in engaging both private and public investors in Ukraine’s recovery — including international funds, companies, and the governments that have consistently supported Ukraine during the full-scale war. The U.S. and American companies will hey access to vast new opportunities in the joint development of Ukraine’s natural resources and massive recovery process.
“This decision marks a new era in our cooperation with the United States. We are gaining not only investment, but also a strategic partner committed to working with us to drive economic growth and innovation,” said Yuliia Svyrydenko. “This Agreement is the outcome of extensive negotiations, and I am grateful to both negotiating teams for their professionalism and dedication. Together, we have developed a mutually beneficial framework. It also reflects the U.S. commitment to lasting peace in Ukraine and recognition of Ukraine’s contribution to global security.”
Key Guarantees for Ukraine:
- Alignment with the Constitution of Ukraine and EU accession path. The Agreement fully complies with Ukrainian legislation and international obligations.
- Full control over national resources. Ukraine retains exclusive ownership of all subsoil, territorial waters, and natural resources. Only Ukraine determines the conditions and locations for resource development.
Preservation of state ownership. Ukrainian state-owned enterprises remain state property. The Agreement does not affect privatization processes. - Optimal legislative adjustments. The Fund’s operation requires only limited amendments to the Budget Code of Ukraine. The Agreement itself will be subject to ratification by the Ukrainian Parliament.
How the Fund Will Operate:
- The United States will contribute to the Fund either through direct financial input or through new military assistance. The Agreement focuses on further, not past U.S. military assistance.
- Ukraine will contribute 50% of future revenues from new royalties (i.e., newly issued licenses for critical minerals, oil, and gas exploration). Existing projects or budgeted revenues are excluded.
The Fund’s resources will be invested exclusively in Ukraine – either in extraction projects or infrastructure reconstruction. - For the first 10 years, profits will be fully reinvested in Ukraine’s economy. After that period, profits may be distributed between the partners.
- Joint governance. The Fund will be managed on a parity basis, with Ukraine and the U.S. holding equal decision-making power.
- The U.S. will support additional investment and technology transfers into Ukraine. The Fund is backed by the U.S. government through the Development Finance Corporation (DFC), which will facilitate the attraction of capital and technologies from investors in the U.S., the EU, and other allied countries.
- Technology transfer is one of the key elements of the Agreement, ensuring Ukraine not only receives investment but also access to innovation.
- Tax exemptions. Fund contributions and income will be exempt from taxation in both Ukraine and the United States.
On LinkedIn, Ukraine’s First Deputy Prime Minister Yulia Svyrydenko wrote:
“As agreed by President Volodymyr Zelenskyy and President Donald Trump, together with U.S. Secretary of the Treasury Scott Bessent, I have signed the Agreement on the Establishment of the U.S.–Ukraine Reconstruction Investment Fund.
I thank both Presidents for their leadership. I am also deeply grateful to everyone who contributed to this Agreement and helped make it more substantial.
Together with the United States, we are creating an Investment Fund for the Reconstruction of Ukraine that will attract global investment into our country.
Key provisions of the Agreement — in brief:
Full ownership and control remain with Ukraine
All resources on our territory and in our territorial waters belong to Ukraine. It is the Ukrainian state that determines what and where to extract.
Equal partnership.
The Fund is structured on a 50/50 basis. It will be jointly managed by Ukraine and the United States. Neither side will hold a dominant vote — a reflection of equal partnership between our two nations.
National assets are protected.
The Agreement does not alter privatization processes or the management of state-owned companies — they will remain Ukrainian.
No debt.
The Agreement includes no provisions regarding any Ukrainian debt obligations to the United States. Its implementation allows both countries to expand their economic potential through equal cooperation and investment.
The Agreement complies with the Constitution and maintains Ukraine’s European integration course.
It is consistent with national legislation and does not conflict with any of Ukraine’s international obligations. Importantly, the Agreement sends a signal to global partners that long-term cooperation with Ukraine — over decades — is not only possible but reliable.
The Fund will be financed exclusively from NEW licenses.
Specifically, 50% of the revenues from new licenses in the field of critical materials, oil, and gas — generated after the Fund is created — will be directed to it. Revenues from existing projects or those already accounted for in the budget will not be included. The Agreement also outlines future strategic cooperation.
Legislative changes will be limited and targeted.
Only amendments to the Budget Code are required for the Fund to operate. The Agreement itself will be submitted to the Verkhovna Rada for ratification.
The United States will help attract additional investment and technology.
Technology transfer and development are a key part of the Agreement — because Ukraine needs not only capital, but also innovation.
The Agreement provides tax guarantees.
Fund revenues and contributions will not be taxed in either the United States or Ukraine, ensuring maximum effectiveness of the investment process.
Source – Ukrainian Government / LinkedIn