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The Trump administration and the Ukrainian government finalized a deal Wednesday creating a joint fund to boost the reconstruction of the war-torn nation, calling for investment in Kyiv’s oil, gas and rare mineral industries.
Ukraine Economy Minister Yulia Svyrydenko posted on X that the fund would be managed 50/50 and that future military aid from Washington could be considered a contribution.
“Together with the United States, we will create a fund that will attract Western investments to our country,” Svyrydenko said. “We will manage this fund jointly with the United States. Neither party will have a majority vote, reflecting an equal partnership between Ukraine and the United States.”
The fund will be filled with income only from new licenses “for projects in the field of critical materials and oil and gas,” which will be split in half between the US and Ukraine, according to Svyrydenko.
She further said the United States “will help attract additional investment and technology” to drum up more business for the fund, which will be supported by the US International Finance Cooperation, or “DFC.”
“DFC will help us attract investments and technologies from funds and companies in both the US and the EU and other countries that support our fight against the Russian enemy,” Svyrydenko said.
The fund will not be taxed “so that investing yields the greatest possible results,” she added.
The Treasury Department in a statement announcing the agreement touched on the US’ prior support of Ukraine during Russia’s 38-month-old invasion.
“In recognition of the significant financial and material support that the people of the United States have provided to the defense of Ukraine since Russia’s full-scale invasion, this economic partnership positions our two countries to work collaboratively and invest together to ensure that our mutual assets, talents, and capabilities can accelerate Ukraine’s economic recovery,” the statement read.
However, Svyrydenko clarified that “the agreement does not mention any debt obligations of Ukraine to the US,” which was a key sticking point for Kyiv.
“The implementation of the agreement will allow both countries to increase their economic potential through equal cooperation and investment,” she wrote.
A framework agreement had been circulated for at least two months and was thought be close to finalization Feb. 28. However, on that day, Ukrainian President Volodymyr Zelensky got into an Oval Office shouting match with President Trump and Vice President JD Vance and left without the agreement being signed.
The minister said she hoped the agreement would “become a signal to other global players that it is reliable to cooperate with Ukraine in the long term — for decades.”
