Ukraine-US Investment Fund Selects First Projects for Final Review

The Project Search Committee of the Ukraine-US reconstruction fund has completed its first review cycle and is advancing 22 investment projects to the next stage, Ukraine’s economy ministry said on Friday.

The projects were chosen from 59 applications submitted during the first three weeks of acceptance, starting Jan. 6. Of these, 37 came from Ukrainian companies in the fund’s key sectors: critical minerals, energy, and logistics.

The ministry said project details will remain confidential until verification is complete. The results of the due diligence are expected to be presented to the fund’s Investment Committee and Steering Board by late March for final funding decisions.

Advancing these 22 projects would mark the first practical use of the $150 million joint investment vehicle, with equal $75 million contributions from the Ukrainian government and the US International Development Finance Corporation (DFC).

The fund, established under the minerals deal signed in April 2024, focuses on investing in projects that support Ukraine’s long-term growth and supply chain resilience. It ensures subsoil ownership stays with Ukraine, involves no debt, and aligns with the country’s constitution and EU accession goals.

In its initial years, the fund will focus on equity investments and quasi-equity instruments – financing methods that do not involve direct capital injections.

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Management of the fund includes a Steering Board and four committees, with Alvarez & Marsal (A&M) serving as its investment advisor.

“The completion of the first application review cycle confirms the fund’s readiness for real work. We have seen high-quality projects in critical sectors that have the potential to attract additional private capital,” Minister of Economy, Environment, and Agriculture Oleksiy Sobolev was quoted as saying in a press release.

The ministry said the Project Search Committee meets monthly to review and prepare investment initiatives that align with the fund’s strategic priorities.