How will the American-Ukrainian Reconstruction Investment Fund work?

For implementing the Mineral Agreement between Ukraine and the United States signed in May 2025, the Cabinet of Ministers of Ukraine outlined a roadmap for implementing the technical aspects of bilateral cooperation in the form of a limited partnership.

On November 5, 2025, the Cabinet of Ministers of Ukraine adopted Resolution No. 1411 "Some Issues of Ensuring the Implementation of the Agreement between the Government of Ukraine and the Government of the United States of America on the Establishment of the American-Ukrainian Reconstruction Investment Fund."

The main measures for the implementation of the Mineral Agreement include:

1) coordination of actions will take place between the Agency for the Support of Public-Private Partnerships and the United Stated International Development Financial Corporation;

2) if the Government of the United States of America aggreed a new military assistance in the partnership, the Ministry of Defense of Ukraine will provide the Ministry of Economy, Environment and Agriculture with the cost of military assistance;

3) agreements, contracts, license conditions and permits relating to the implementation of projects must contain conditions regarding the obligation of the project participant, in the event of raising capital for the implementation of the project, to send a written notification to the Agency for Support of Public-Private Partnerships no later than the day of providing information about such raising of capital to any third party;

4) project participants in the partnership must provide the Agency for Support of Public-Private Partnerships with investment information regarding the project (including business plans, financial forecasts, technical reports, feasibility studies, agreements on the purchase of extracted minerals) within one month from the date of receipt of a relevant request from it and, if necessary, clarifications to them;

5) information from the project participant about participation in the partnership guarantees notification of participation also to the project participant's creditors;

6) investment opportunities for raising capital for the implementation of the project and participation in the project should include a decision and the scope, structure and other terms of any such potential participation;

7) the obligation of the project participant is that until the date when the partnership confirms in writing the refusal to participate in the project (but no more than within three months from the date of notification) he ought to refrain from accepting the offer of any third parties to whom the notification was sent. In the event of launching the procedure for refusing the offer of third parties, the project participant must refrain from it for 6 months;

8) the project participant, from the date of notification and until the expiration of the six-month period, has the right to seek other potential investors (lenders), negotiate with such investors (lenders) and conclude agreements with them regarding an investment opportunity similar to that offered to the partnership or partner from the United States of America, but on terms that are not significantly more financially or economically advantageous;

9) the obligation of the project participant to refrain for six months from the date of submission of the notice of the right to purchase from providing any third party with significantly more advantageous economic or financial terms for a substantially similar quantity and quality of such assets relating to natural resources, taking into account relevant changes in market conditions;

10) capital raising for the implementation of a project is the financing of the project by the participant in whole or in part at the expense of borrowed funds (loans, other funds raised on terms of repayment, payment and maturity);

A project is the prospective and/or actual implementation of the following activities:

1) use (including geological exploration, experimental and industrial development, extraction, processing, production, purification) of assets related to natural resources, special permits for the use of subsoil may be granted based on the results of an auction (electronic bidding) or based on the results of a competition for the conclusion of production sharing agreements, or special permits for the use of subsoil that were granted after May 23, 2025;

2) design, construction, operation and maintenance of infrastructure facilities constructed to support operations of one or more assets related to natural resources, including mining and processing plants, inland waterway infrastructure facilities, access roads and pipelines intended for the transportation of natural resources, as well as departmental (technological) highways and other transport facilities intended for the transportation of natural resources, terminals and logistics facilities, oil refineries, preparation facilities, natural gas liquefaction and/or regasification facilities and other infrastructure facilities.

A project participant is a business entity that is a party to a production sharing agreement or an agreement on the terms of subsoil use and has a special permit for subsoil use granted in connection with the activity, or that is a party to a public-private partnership agreement or concession agreement.

Only time will show the effectiveness of the described model of a joint US-Ukrainian Reconstruction Investment Fund, but the conclusion of production sharing agreements by investors will allow for optimization of time and costs.