The United States-Ukraine Reconstruction Investment Fund was created on Wednesday after both the U.S. and Ukraine signed a deal that gives the U.S. the rights to rare earth minerals in Ukraine.
According to ABC News, Treasury Secretary Scott Bessent announced the move in a statement, stating the deal shows a commitment from both sides to foster peace.
“This agreement signals clearly to Russia that the Trump Administration is committed to a peace process centered on a free, sovereign, and prosperous Ukraine over the long term,” Bessent said. “President Trump envisioned this partnership between the American people and the Ukrainian people to show both sides’ commitment to lasting peace and prosperity in Ukraine. And to be clear, no state or person who financed or supplied the Russian war machine will be allowed to benefit from the reconstruction of Ukraine.”
Ukrainian Minister of the Economy Yulia Svyrydenko said in a post on X that the move will attract more investment.
“On behalf of the Government of Ukraine, I signed the Agreement on the Establishment of a United States–Ukraine Reconstruction Investment Fund,” Svyrydenko said. “Together with the United States, we are creating the Fund that will attract global investment into our country.”
In a video posted on X discussing the deal, Bessent gave more details.
“This partnership allows the United States to invest alongside Ukraine to unlock Ukraine’s growth assets, mobilize American talent, capital and governance standards that will improve Ukraine’s investment climate and accelerate Ukraine’s economic recovery,” Bessent said. “The Development Finance Corporation will participate and help to establish this fund in collaboration with the Government of Ukraine.”
Watch the video below:
The agreement on critical minerals and other resources was initially prepared for signing by both sides. However, the United States insisted that the primary minerals resources agreement and the investment fund document be signed simultaneously, according to Ukrainian Prime Minister Denys Shmyhal and a source from the president’s office in Ukraine.
“Now they’ll be rushing to finish it,” the source told ABC News.
Ukraine expressed readiness to sign the agreements but encountered a last-minute issue when the U.S. requested that both the mineral resources agreement and the investment fund agreement be signed concurrently, a Ukrainian official shared with ABC News.
However, during President Donald Trump’s Cabinet meeting on Wednesday, the U.S. disputed this account, stating it was prepared to sign but the Ukrainians opted to introduce “last-minute changes” on Tuesday night, according to Bessent.
“Our side is ready to sign,” Bessent said.
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