Ukraine and the U.S. Have Signed Their First Agreement on Mineral Resources — Reuters
A joint investment fund between Ukraine and the United States has signed its first agreement in the field of critical minerals. At the same time, the fund is launching several other projects, including initiatives to strengthen Ukraine’s energy sector. According to Ukrainian media citing Reuters, the total investment in the first projects amounts to approximately $70 million.
The joint U.S.-Ukrainian recovery investment fund has begun making its first investments in Ukrainian projects. The first deal was in the field of critical minerals. According to the fund, in the initial phase, it will focus on projects in the early stages of development. This primarily involves the search for, exploration of, and preparation for the extraction of resources.
Strategic areas of focus include deposits of rare earth elements, uranium, beryllium, and zirconium. The DFC emphasizes that these resources are included in the U.S. list of critical minerals. “It is extremely important for the Ukrainian people that we invest right now,” Coleman said. According to him, the investments are not only intended to help develop Ukraine’s resources; they are also meant to demonstrate U.S. support for Ukraine amid the war with Russia.
The fund began with early-stage projects
The fund’s mission is to channel funds into Ukrainian projects that are of strategic importance to both countries. Initially, special attention is being paid to critical minerals. This is important for the U.S. due to the need for stable supply chains of raw materials used in the energy, industrial, technology, and defense sectors.
For Ukraine, such investments could serve as a source of funding for exploration, extraction, and the development of related infrastructure. Back in 2025, the DFC allocated $75 million in seed capital for the fund. The Ukrainian side was to contribute the same amount. As a result, the fund’s initial capital totaled $150 million.
In December 2025, the DFC announced that the fund was fully operational and would begin evaluating its first investment projects in 2026. At the time, the main focus areas cited included critical minerals, energy, transportation and logistics, information technology, and new technologies.
Funds Will Also Go Toward Energy
In addition to projects in the minerals sector, the fund is working on new initiatives for Ukraine’s energy sector. This is particularly important in light of Russian attacks on energy infrastructure. Due to these attacks, Ukraine’s power grid regularly requires repairs, backup capacity, and new equipment.
One of the projects involves the creation of a large-scale battery storage system. It is designed to provide backup power to approximately 600,000 Ukrainian households for up to two hours. The project also provides for the possibility of raising additional capital should the facility incur losses.
Separately, the fund plans to acquire a stake in a company developing a cogeneration platform. Such facilities simultaneously generate heat and electricity. The idea is to create a network of so-called energy hubs. These are intended to help restore damaged heating and power systems and provide people with energy even in the event of new attacks.
These projects complement nearly $100 million in loan financing that the DFC previously approved for the energy company DTEK.
What Is This Fund?
The joint Ukraine-U.S. investment fund was established under the Economic Partnership and Development of Ukraine’s Natural Resources Agreement, which the two countries signed in April 2025. The agreement provides for joint participation by Ukraine and the U.S. in managing the fund. The fund is called the U.S.-Ukraine Reconstruction Investment Fund. Its mission extends far beyond mineral extraction alone. The fund may also invest in energy, infrastructure, transportation, logistics, digital technologies, and other strategic sectors.
In June 2026, the DFC and the World Bank also agreed on a political risk insurance mechanism for the fund’s investments. This should help attract additional private capital to Ukrainian projects. The fund is now moving from the preparatory phase to actual investments. The first deals involve critical minerals and energy, and the list of projects is expected to expand in the future.
For Ukraine, this means the emergence of yet another channel for financing its recovery. For the U.S., it represents an opportunity to participate in the development of Ukraine’s resources while gaining access to important raw materials. Reuters reported this, citing Conor Coleman, head of the investment division at the U.S. International Development Finance Corporation (DFC).
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