Online application portal for U.S.–Ukraine Reconstruction Investment Fund launched
Ukraine’s Ministry of Economy, Environment and Agriculture, together with the U.S. International Development Finance Corporation (DFC), has announced the launch of an online portal for submitting investment projects to the U.S.–Ukraine Reconstruction Investment Fund (URIF).
"Our goal for this year is to sign the first three investment agreements. These should be strong, well-structured projects in priority sectors that will deliver clear results for recovery and be attractive to international investors," the ministry quoted Economy Minister Oleksiy Sobolev as saying in a statement published on its website on Wednesday.
He added that the Fund expects high-quality applications and the first investments as early as the coming months.
The URIF will primarily consider project proposals in the following sectors: critical minerals (upstream and midstream), energy (including power generation, transmission, and hydrocarbon extraction), transport and logistics, information and communications technology, as well as emerging technologies. In the first years of operation, the Fund plans to prioritize equity investments and equity-like instruments (quasi-equity).
According to the release, after an application is submitted, the Fund’s team conducts an initial review of the proposal. If there is interest, the applicant is contacted to clarify details and to request additional materials (in particular, a financial model, project structure, confirmation of readiness for implementation, information on partners, etc.). Project evaluation also includes an analysis of key risks and approaches to mitigating them; requirements and instruments may differ depending on the sector, project stage, and financing structure.
The U.S.–Ukraine Reconstruction Investment Fund was established by an agreement between Ukraine and the United States in late spring 2025. Its initial capital of $150 million is formed from equal contributions by both parties – $75 million from the United States via DFC and $75 million from Ukraine. These funds are intended to prepare the first investments, the implementation of which is to begin in 2026.
Ukraine has further committed to transfer to the Fund 50% of the funds that will be received after the agreement enters into force in the form of 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."
On December 3 and 11, the State Service of Geology and Subsoil of Ukraine conducted three successful auctions for special permits to use oil and gas fields: the total sale price amounted to UAH 1,403.9 million, half of which will go to the URIF.
Within the Fund’s governance structure, a governing board and four specialized committees have been formed: investment, audit, administrative, and project origination.
In mid-November, the international consulting group Alvarez & Marsal (A&M) was appointed as the Fund’s investment adviser, and on December 18, following the second meeting of the Fund’s Board of Directors, it was announced that the Fund was ready to begin operational activities and consider projects for its first investments in 2026.
