WASHINGTON, May 1 (Bernama-dpa) -- The United States and Ukraine have signed an agreement to create a "reconstruction investment" fund, the US Treasury has announced, according to German news agency (dpa).
"This economic partnership positions our two countries to work collaboratively and invest together to ensure that our mutual assets, talents, and capabilities can accelerate Ukraine's economic recovery," the US Treasury said in a statement on Wednesday.
Specific details of the agreement were not released by the US, but it is believed to give the US privileged access to Ukrainian resources, including rare earth metals, which are crucial for high-tech industries.
The Ukrainian government hopes that the profits will provide funds for the reconstruction of the war-torn country.
Meanwhile, Ukrainian Deputy Prime Minister and Economy Minister Yulia Svyrydenko said that Ukraine will retain full ownership of all its mineral resources in an agreement with the US.
Svyrydenko, who signed the deal in Washington, said the key provisions of the agreement include that all resources on Ukrainian territory and in territorial waters belonged to Ukraine.
"It is the Ukrainian state that determines what and where to extract," she wrote on X.
The fund would be jointly managed by both countries, she wrote.
"Neither side will hold a dominant vote — a reflection of equal partnership between our two nations."
She said the fund would attract global investment in Ukraine.
"Importantly, the agreement sends a signal to global partners that long-term cooperation with Ukraine — over decades — is not only possible but reliable."
Negotiations on the deal were on the verge of collapse after a historic row in the White House between Ukrainian President Volodymyr Zelensky and US President Donald Trump in February.
The Ukrainian parliament will still have to ratify the agreement before it can come into force.
-- BERNAMA-dpa
