The announcement followed the second meeting of the Fund’s Board of Directors, which took place and was officially confirmed by a DFC statement dated December 18. During the meeting, it was announced that the Fund is fully prepared to move into operational mode and begin reviewing investment projects, with the first investments planned for 2026.
The Fund’s Board of Directors, which includes DFC General Counsel Bob Stebbins and DFC Head of Investments Conor Coleman, approved the decision to fully launch the Fund. This decision предусматривает the adoption of investment and fund policies, as well as an update to the investment strategy. The strategy revision follows the appointment in November of consulting firm Alvarez & Marsal as the Fund’s official advisor.
Within the framework of cooperation with Ukraine, the Fund intends to rely on U.S. financial resources and corporate governance standards to attract private capital from the United States and affiliated businesses. This approach is expected to create additional investment opportunities for U.S. companies, their allies, and private partners, including development banks and other institutional investors.
Priority investment areas include critical minerals, energy, transport and logistics, as well as information and communication technologies and other technologies affecting supply chain resilience. In addition, the Fund is considering investments in strategic projects across various regions of Ukraine, including in the extraction of mineral resources, energy, and the development of maritime infrastructure.
On April 30, Ukraine and the United States signed an agreement to establish a joint reconstruction fund. Under the agreement, the Fund will invest in the extraction of minerals, oil and gas, as well as related infrastructure and processing facilities exclusively within Ukraine.
On May 8, the Verkhovna Rada of Ukraine ratified the intergovernmental agreement establishing the U.S.–Ukraine Reconstruction Investment Fund. The official launch of the Fund took place on May 23. Subsequently, on May 13, Ukraine’s Public–Private Partnership Agency and DFC signed two commercial agreements defining the Fund’s governance structure and financing mechanism.
From the Ukrainian side, the Fund’s governing board includes Oleksii Sobolev, his deputy Yehor Perelyhin, and Oleksandr Karasevych, State Secretary of the Ministry of Foreign Affairs of Ukraine. The Fund’s management and capitalization will be carried out on a parity basis, with an equal distribution of powers and responsibilities between Ukraine and the United States.
Ukraine’s contribution to the Fund will be formed from half of the state budget revenues generated by the sale of new licenses and new royalties for the extraction of mineral resources. The United States will contribute either in cash or by crediting new military assistance as its contribution to the Fund. Profit distribution between the parties is envisaged after the first ten years of the Fund’s operations.
The Fund’s initial capital amounts to $150 million, with $75 million contributed by each side—by the United States through DFC and by Ukraine. These funds are intended to support the preparation of the first investment projects, the implementation of which is scheduled to begin in 2026.
The Fund will focus on investments in critical minerals, processing, energy, infrastructure, and technology. Its activities are expected to support the development of extraction and processing industries, job creation, modernization of the geological base, deployment of advanced technologies, and the expansion of sales channels for Ukrainian products, including access to the U.S. market.
