Ukraine, US officially launch joint Reconstruction Investment Fund

Ukraine and the United States have officially launched a joint Reconstruction Investment Fund as part of their minerals agreement, Economy Minister Yuliia Svyrydenko announced on May 23.

"The last step was a diplomatic note from the United States, which I personally received this morning from Julie S. Davis, the U.S. Chargé d'Affaires. The Fund is officially launched," Svyrydenko wrote in a Facebook post.

The fund is a core component of the broader U.S.-Ukraine minerals agreement, signed on April 30.

Under the deal, the U.S. has special access to projects involving Ukraine's reserves of lithium, titanium, and other critical minerals. These resources are considered critical to global supply chains for the defense, aerospace, and green energy industries.

The fund will be jointly managed by Ukraine's Public-Private Partnerships Agency and the U.S. International Development Finance Corporation (DFC).

While both sides have declined to disclose full operational details, officials have framed the project as a vehicle for long-term reconstruction and foreign investment.

The agreement has been months in the making, following a contentious negotiation process that at times strained bilateral ties. The final version removed controversial provisions that Ukrainian officials and experts feared could lead to exploitation of Ukraine's mineral wealth.

Two additional agreements to operationalize the fund were signed on May 13. President Volodymyr Zelensky signed the ratified minerals agreement on May 12.

Ukraine's Prime Minister Denys Shmyhal said on April 27 that future U.S. military assistance may be counted as part of the fund's resources, although past aid will 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.