Mineral deal: Ukraine and U.S. plan to launch three mining projects within 18 months — Svyrydenko

She said she had a “substantive” conversation with U.S. Treasury Secretary Scott Bessent.

Svyrydenko noted that the two discussed the launch of the U.S.-Ukraine Reconstruction Investment Fund.

According to her, the first meeting of the fund’s board of directors is scheduled for September.

“We’re working to expand its mandate so that the fund can also invest in the defense sector… The goal is to launch the first three projects within 18 months,” the prime minister said.

On April 30, the United States and Ukraine signed an agreement to establish a 50/50 co-funded recovery investment fund. The deal, composed of 12 articles, covers a list of critical materials, oil, and gas. Ukraine is represented in the fund by the PPP Agency under the Economy Ministry; the U.S. side is represented by the International Development Finance Corporation (DFC). Ukraine’s parliament ratified the agreement on May 8.

Ukraine’s initial contribution to the fund will amount to 50% of the revenue from licenses and royalties from mineral extraction. However, the DFC will provide the first installment to launch the fund.

In July, the DFC issued a request for information (RFI) to select a company to manage the fund. All investment decisions will be made by the fund’s governing board, which will include three managers from each country, and the fund’s operations will be coordinated by four committees.

The DFC will have priority access to investments, but not exclusivity. It will be allowed to bring in co-investors from the United States, while projects may also engage with other investors.