The U.S. International Development Finance Corporation (DFC) held the second meeting of the Board of Directors of the U.S.–Ukraine Reconstruction Investment Fund, during which it announced that the Fund is ready to begin operational activities and consider its first investment projects in 2026.
“There is no doubt: the United States and Ukraine are ready to invest in projects that advance shared national interests and improve the lives of both the American and Ukrainian people. This is the result of President Trump’s commitment to securing a lasting peace,” said DFC Chief Executive Officer Ben Black, as quoted in the corporation’s press release on Thursday.
It is noted that launching a comprehensive fund of this scale in less than a year demonstrates the strong commitment of DFC professionals and their partners in the Government of Ukraine, the U.S. Department of the Treasury, and the U.S. Department of State.
According to the release, the decision approved on Thursday to fully launch the Fund includes the adoption of investment and fund policies, as well as a review of the Fund’s investment strategy following the appointment of consulting firm Alvarez & Marsal as the Fund’s adviser in November.
“Priority will be given to investments in critical minerals, energy, transport and logistics, information and communications technologies, and advanced technologies that support supply chain resilience necessary to strengthen the economic security and prosperity of the United States and Ukraine,” the statement said.
DFC believes this opens opportunities for the Fund to invest in strategic projects across Ukraine, ranging from the extraction of critical minerals to the development of energy, maritime infrastructure, and other areas.
The U.S.–Ukraine Reconstruction Investment Fund was established by an agreement between Ukraine and the United States in late spring 2025. Ukraine committed to transferring to the Fund 50% of the revenues received after the agreement enters into force from fees for new and “dormant” licenses and royalties for the extraction of mineral resources. The agreement became known as the “subsoil agreement” or the “minerals agreement.”
The Fund’s governance structure includes a governing board and four профиль committees: investment, audit, administrative, and project sourcing. The Fund will focus its activities on five priority sectors: critical minerals, processing, energy, infrastructure, and technologies.
In mid-November, the international consulting group Alvarez & Marsal (A&M) was appointed as the Fund’s investment adviser.
On December 11, the State Service of Geology and Subsoil of Ukraine held two successful auctions for special permits to develop oil and gas fields, with total proceeds amounting to UAH 1.2939 billion. Half of these funds will be allocated to the U.S.–Ukraine Reconstruction Investment Fund.
