Ukraine and the US are nearing the completion of a mineral deal.

On April 17, the two parties signed a memorandum affirming their intention to finalize an agreement that will benefit both nations and establish the Investment Fund for the Reconstruction of Ukraine. Additionally, it asserts that the US respects Ukraine’s obligations related to its EU membership and agreements with international financial institutions and other official creditors. Thus, the agreement will not create conflicts with Ukraine’s path toward European integration. The text of the agreement is anticipated to be finalized and signed, followed by ratification by the respective governments.

Ukraine’s Trade Representative, Taras Kachka, clarified that the investment fund established by Ukraine and the US under the agreement will have the authority to invest in both resource development and infrastructure projects, such as roads, ports, and energy facilities. The agreement that will create the fund will be finalized by the relevant Ukrainian state enterprise and US International Development Finance Corporation (DFC).

Kachka also emphasized that the agreement will not address repayment by Ukraine for US aid, focusing instead on what the US and Ukraine stand to gain from investment in Ukraine. A new stage of negotiations regarding subsoil resources is set to begin in the US on April 24.