Ukraine proposes expanding joint defence industry fund with US

Ukraine proposes to expand the investment mandate of the US-Ukraine Reconstruction Investment Fund to support projects in the defence industry.

Source: a press release from Ukraine’s Ministry of Economy 

Details: The Ministry of Economy reported this following a meeting between Yuliia Svyrydenko, First Deputy Prime Minister of Ukraine and Minister of Economy, and Connor Coleman, Head of Investment at the US International Development Finance Corporation (DFC).

The American side expressed openness to such cooperation, given the strategic importance of this area.

Military risk insurance instruments were a separate focus of the talks. The parties agreed that this is a necessary condition for attracting private American business.

The DFC, for its part, confirmed its readiness to expand insurance programmes for companies operating in Ukraine.

"The fund's current priorities are projects in the critical raw materials, oil and gas sectors. I am confident that together we will be able to attract investment and new technologies for the effective operation of the fund," Svyrydenko said.

Background:

• On 1 May, Svyrydenko and US Treasury Secretary Scott Bessent signed an agreement on minerals.
• On 8 May, the Verkhovna Rada (Ukrainian Parliament) ratified an agreement creating a joint investment fund between Ukraine and the US.
• On 12 May, Zelenskyy signed the ratification of the minerals agreement with the US.
• On 4 June, the Verkhovna Rada finally adopted a law amending the Budget Code to implement the agreement on minerals between Ukraine and the United States.

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