The Voice News: WASHINGTON, June 4 — Ukraine and the United States are working closely to make a long-planned minerals fund operational by the end of 2025, with its inaugural board meeting expected in July, according to Ukraine’s First Deputy Prime Minister, Yulia Svyrydenko.
Svyrydenko, currently visiting Washington, stated that discussions have intensified in recent weeks as both countries push to mobilize the fund, which aims to boost Ukraine’s mineral development and strategic economic resilience.
“The goal is to make this fund operational before year’s end,” she told reporters following meetings with U.S. Treasury Secretary Scott Bessent and executives from the U.S. International Development Finance Corporation (DFC), a key partner in the initiative. “We’ve outlined concrete steps, including finalizing the investment strategy and agreeing on seed capital for the fund.”
Strategic Agreement Amid Political Backdrop
The minerals fund is rooted in an agreement signed in Washington this April after weeks of intense negotiations that ultimately yielded more favorable terms for Kyiv. The deal, heavily championed by U.S. President Donald Trump, received swift ratification from Ukraine’s parliament soon after its signing.
The partnership comes at a critical moment as Ukraine continues to navigate the geopolitical and economic fallout of its ongoing war with Russia, now entering its fourth year.
Negotiations over the fund were not without tension. Sources say they followed a tense exchange between President Trump and Ukrainian President Volodymyr Zelenskiy at the White House over the direction of peace efforts in Eastern Europe.
However, relations between the two leaders have recently shown signs of improvement. They held a brief but symbolic meeting at the Vatican in April during the funeral of Pope Francis, signaling a willingness to reset diplomatic ties.
Looking Ahead
The July board meeting is expected to set the tone for the fund’s early operations, including its initial capital base and priority investment areas. Ukraine sees the initiative as a cornerstone for attracting foreign investment into its critical minerals sector, which includes lithium, rare earth elements, and other resources vital for modern technologies.
As Svyrydenko emphasized, “This fund is not just about financing—it’s about building long-term partnerships and reinforcing Ukraine’s role in the global minerals supply chain.”