On Wednesday, September 3, a landmark event took place for the future of Ukraine — we are moving from preparation to the active operation of the Ukraine Reconstruction Investment Fund. The first meeting of the Steering Committee was an important milestone, demonstrating the Fund’s readiness to begin real investment in strategic sectors of our economy, deepening cooperation with our key partner — the United States of America.
“The first meeting of the Steering Committee signifies the start of the operational work of the Ukraine Reconstruction Investment Fund. The next step is to approve the final rules and procedures for investment, as well as to create a list of the first projects that meet the Fund’s goals and are ready to be launched. In September, these developments will be discussed with American partners from DFC during their visit to Kyiv,” said Oleksiy Sobolev, Minister of Economy, Environment, and Agriculture of Ukraine.
This is an equitable partnership with Ukraine having full control over the resources. Subsoil is not for sale, licenses are not transferred, and assets are not handed over. Management is 50/50.
The United States and Ukraine will jointly invest in the development of strategic economic areas. Both countries contribute what they are strong in: Ukraine — resources, engineering and production competencies, innovative solutions; the U.S. — access to capital, technology, global markets, and management experience.
Steering Committee: Parity Management and Key Decisions
The key governing body of the Fund is the Steering Committee, consisting of three Ukrainian and three American representatives. Its parity structure guarantees a balanced partnership and transparency in decision-making.
The Ukrainian side is represented by:
- Oleksii Sobolev, Minister of Economy, Environment, and Agriculture
- Yegor Perelygin, Deputy Minister of Economy, Environment and Agriculture
- Oleksandr Karasevych, State Secretary of the Ministry of Foreign Affairs of Ukraine
The American representatives will be appointed by the U.S. government:
- Scott Bessent, Secretary of the Treasury
- Connor Coleman, Chief Investment Officer of DFC
- Robert Stebbins, Vice-President of DFC
At the first meeting, the Steering Committee adopted a number of fundamental decisions that will define the Fund’s work:
- Military Aid Valuation Protocols: A transparent procedure was approved, according to which military aid received by Ukraine is converted into a monetary equivalent and reflected as a capital contribution from the U.S. This provides a mechanism for the continued flow of military equipment.
- Investment Parameters: Clear criteria for selecting investment projects eligible for funding were approved. The main criteria are strategic importance, ownership transparency, and the potential for job creation. The Fund will require co-financing, attracting private and international capital.
- Committee Charters: Regulations for the work of four committees were approved: Project Sourcing, Investment, Administrative, and Audit, ensuring the division of responsibilities and control over all processes.
Investment Protocols
Applications for project funding from businesses will be carried out through an open procedure, which will be presented after the investment protocol is approved within the next month. The document will define clear selection criteria and the decision-making process within the relevant committee and the Steering Committee.
Today, we are taking real steps towards reconstruction and economic growth. The Fund is a tool that will allow Ukraine to develop modern manufacturing industries, build technological competencies, and effectively compete in global markets.
Infrastructure Investment Parameters
These parameters define which infrastructure projects meet our criteria for investment.
1. Revenue Generation: The project must directly generate revenue for its sponsor. For example, toll roads are suitable, while free roads are not.
2. Financing Volume: During the current round (or series of rounds), the project must be raising:
- at least $50 million in equity financing;
- or at least $100 million in total financing.
3. Connection to Natural Resources: The project must be closely related to the development, extraction, transportation, or storage of natural resources. Infrastructure for the search for potential, unconfirmed deposits does not meet our criteria.
Additionally, the project must meet the following usage requirements:
- The infrastructure must be ready for use by a natural resource project within two years of construction completion.
- A dedicated portion of services must be used by natural resource project.
As a reminder, the United States-Ukraine Reconstruction Fund (URF) is a joint initiative of the governments of Ukraine and the United States, created to attract private investment into strategically important sectors of the Ukrainian economy. The Fund was officially launched on May 23, 2025.
