Senior United States officials are in Kyiv this week for a meeting of the joint U.S.-Ukraine Reconstruction Investment Fund, with U.S. and Ukrainian representatives indicating a shared goal of advancing the fund's first approved investment project soon.
Established as part of a minerals deal signed in April, the reconstruction fund began operations in December. It concentrates on investments in critical minerals and other strategic areas and is expected to grow to $200 million by the end of the year. Ukrainian officials say they intend to announce three initial investment projects during the current year.
The U.S. delegation includes Conor Coleman, head of investments at the U.S. International Development Finance Corp (DFC); Jonathan Taylor, the agency's associate general counsel; and Jonathan Greenstein, deputy undersecretary of the Treasury for international finance. On the Ukrainian side, Economy Minister Oleksiy Sobolev, Deputy Economy Minister Yegor Perelyhina and State Secretary Oleksandr Karasevych are scheduled to participate, alongside Prime Minister Yulia Svyrydenko, a Ukrainian official said.
Officials said the joint board's investment committee could convene to approve a first project, contingent on completion of necessary due diligence. A Ukrainian official described current efforts to move a deal to the investment committee for approval and said: "We are working hard to bring the first deal to the investment committee for approval. For the moment we think that it is on track to happen."
Ukrainian authorities have identified three priority investment areas for the fund this year: critical minerals, hydrocarbon extraction and dual-use technologies. In January, the DFC launched an online portal to accept applications from parties seeking funding through the reconstruction vehicle.
The meetings in Kyiv follow a recent two-day round of bilateral talks held by U.S. and Ukrainian delegations in Miami, Florida, focused on finding ways to end the four-year war with Russia. Delegates said those efforts have been complicated by international developments, with discussions overshadowed by the conflict in Iran.
The United Nations has provided casualty figures as part of the wider context in which reconstruction planning is proceeding. United Nations Undersecretary-General Rosemary DiCarlo told the Security Council that an estimated 15,364 civilians, including 775 children, had been killed in Ukraine since the full-scale Russian invasion began in February 2022.
At the Security Council, U.S. Undersecretary of State Christopher Landau said the United States remains committed to working with both Russia and Ukraine to secure a negotiated end to the war. He urged both sides to negotiate in good faith, emphasizing the need for flexibility, compromise and a duty to protect civilian lives.
The Kyiv meeting will test whether the fund can translate planning into a concrete early investment, with both sides monitoring due diligence timelines closely. Progress on initial projects would mark a visible step in pairing targeted finance with reconstruction needs in sectors identified as strategically important by Ukrainian officials.