The Ukraine-US reconstruction fund, which was established as part of the minerals deal signed in April, is set to become operational in 2026, Ukraine’s Economy Ministry and the US Development Finance Corporation (DFC) said on Thursday.
According to parallel statements, the fund’s board finalized a series of administrative measures on Dec. 18, reaching “final consensus necessary to bring the fund to full operational status” in early 2026.
“Today’s decision represents a major milestone in the Fund’s operational readiness. With the Fund Advisor in place, core policies and procedures approved, and $150 million in initial capital committed, the Fund is ready to begin investing in Ukraine’s reconstruction,” said Oleksii Sobolev, economy minister.
“The US and Ukraine are ready to deploy investments that will advance shared national interests and positively impact the lives of both the American and Ukrainian people. This is the result of President Trump’s commitment to securing a lasting peace,” DFC CEO Ben Black said.
The DFC indicated that prospective investments could span critical minerals production, energy projects, transportation and logistics, and maritime infrastructure.
Kyiv signed the deal in April after sustained pressure from US President Donald Trump. The agreement creates a joint fund to support Ukraine’s reconstruction while giving the US preferential access to new Ukrainian minerals projects in return for its investment.
The deal was intended to strengthen the relationship between Kyiv and Washington at a critical moment.
A photo from the Treasury at the time showed US Treasury Secretary Scott Bessent and then-Ukrainian First Deputy Prime Minister Yulia Svyrydenko signing the agreement. The Treasury said the deal “clearly signals the Trump Administration’s commitment to a free, sovereign, prosperous Ukraine.”
Svyrydenko said the agreement lets Ukraine “determine what and where to extract,” and that subsoil ownership remains with Ukraine.
She also emphasized that Ukraine has no debt obligations to the US under the accord and that the agreement aligns with Ukraine’s constitution and EU accession goals. It does not, however, include explicit US security guarantees.
Sobolev said on Thursday that Ukraine’s Economy Ministry and PPP Agency had engaged in “close, near-daily coordination” with the US International Development Finance Corporation and the US Treasury to establish the fund.
“We are now moving from paperwork to reconstruction, developing a high-quality pipeline to deploy capital into projects that support Ukraine’s long-term growth and supply chain resilience,” he finished.
The fund’s board met for the first time in September 2025, and two weeks later both countries committed $75 million each into the fund.
All profits for the first 10 years of the fund will be reinvested in Ukraine, and US military assistance could also count toward contributions.
Ukraine possesses deposits of 22 of the 34 minerals the EU considers critical for industries such as defense, advanced technology, and green energy. Many of these deposits remain underexplored and will require substantial funding to develop.