Representatives from Ukraine and the US held the first meeting of the Reconstruction Investment Fund’s board on Sep. 3 to discuss each sides’ obligations and select advisors.
In May this year, the countries signed a mineral deal under which Kyiv will transfer a portion of income from mineral extraction to the US-Ukraine Reconstruction Investment Fund. This is aimed at supporting Ukraine’s long-term reconstruction and modernization, with operations expected to begin by year’s end.
The board includes three representatives from each. The US delegation features Treasury Secretary Scott Bessent, DFC Chief Investment Officer Connor Coleman, and DFC Vice President and General Counsel Robert Stebbins, Ukraine’s Prime Minister Yulia Svyrydenko reported on her Telegram.
The Ukrainian side includes the Minister of Economy, Environment, and Agriculture Oleksii Sobolev, Deputy Minister Yehor Perelyhin, and State Secretary of the Ministry of Foreign Affairs Oleksandr Karasevych.
At the meeting, the board approved its operating rules, formed committees, and authorized the opening of bank accounts. It also selected an administrator and an investment advisor.
According to Svyrydenko, the next step is the selection of pilot investment projects for the fund which will be discussed during a DFC visit to Kyiv in September.
“US investment in Ukraine could provide security guarantees for both the country and American businesses operating there,” Svyrydenko wrote.
On Aug. 30, Ukrainian officials met with US business leaders in New York, including those from Bank of America, Logistics Plus, GE Vernova, Parsons, Mastercard, and J.P. Morgan. The discussion focused on defense, energy, mineral extraction, infrastructure, as well as the future of Ukraine-US cooperation.