In a significant move towards economic recovery and strategic growth, Ukraine and its international partners have launched several finance initiatives aimed at mobilizing capital and transforming critical sectors. These efforts, including the United States-Ukraine Reconstruction Investment Fund and other programs announced in 2025, showcase a commitment to rebuilding Ukraine through blended finance models. This article explores these developments and their implications for Ukraine’s future.
A new chapter in US-Ukraine investment cooperation: The Reconstruction Investment Fund
Ukraine’s Cabinet of Ministers recently approved lists of critical and strategic minerals, along with 60 subsoil plots for auctions and 26 plots for production sharing agreement (PSA) competitions. This move is a significant milestone in implementing the bilateral US-Ukraine agreement on establishing the Reconstruction Investment Fund (the so-called “Minerals Deal”)—an initiative designed to mobilize private capital into Ukraine’s strategic sectors and support long-term recovery.
These lists were developed under Law No. 4154-IX “On Amendments to Certain Legislative Acts of Ukraine Regarding the Renewal of the National Program for the Development of Ukraine’s Mineral Resource Base Until 2030.” The decision directly contributes to Section 13, “Critical Materials Management,” of the Ukraine Plan under the EU’s Ukraine Facility.
Minister of Environmental Protection and Natural Resources Svitlana Hrynchuk called the decision a foundation for launching Ukraine’s strategic raw materials market and filling the new Reconstruction Investment Fund (Fund). The lists include 11 strategic and 28 critical minerals—such as lithium, titanium, copper, rare earths, uranium and others—targeted for transparent auctions and PSA tenders.
The Fund itself was created under the Minerals Deal, which was ratified by Ukraine’s parliament, the Verkhovna Rada, in May 2025. The legal framework sets out a perpetual partnership structure managed jointly by the US International Development Finance Corporation (DFC) and Ukraine’s PPP Agency. The Fund’s Governing Board includes three members from each country, with four supporting committees (investment sourcing, investment, administrative and audit).
Initial capitalization includes royalties from Ukraine’s hydrocarbon permits and direct contributions from both governments. Crucially, all revenues generated in the first decade must be reinvested in Ukraine’s economy before any distributions. The Fund will prioritize investments in critical sectors such as mineral extraction, hydrocarbons, infrastructure, energy and logistics.
Last August, we wrote about the importance of unlocking Ukraine’s critical minerals as a foundational pillar for recovery and economic integration with the EU. That article anticipated many of the developments we are now seeing—reforms to subsoil access, targeted auction regimes and alignment with Western critical materials policy.
On July 15, 2025, the DFC issued a Request for Information (RFI) to identify a company, Ukrainian or international, to serve as the Fund’s administrator. The administrator will manage technical operations such as accounting, transaction processing and compliance, but all investment decisions will remain with the governing board.
The RFI outlines qualifications in fund accounting, due diligence, AML compliance, technology integration and more. This first step will be followed by a competitive selection process overseen by the Board and reflects the high standards of transparency and professionalism embedded in the Fund’s structure. Responses to the RFI are due by July 27, 2025, midnight, US Eastern Time Zone and should be sent by email to This email address is being protected from spambots. You need JavaScript enabled to view it. with the subject: “RFI response – Investment fund administration – [Firm name].”
Broader context: Multiple 2025 finance vehicles emerging
The Fund is just one of several significant initiatives emerging in 2025 to mobilize capital for Ukraine’s transformation and rebuild. Key efforts include:
European Flagship Fund for the Reconstruction of Ukraine
Announced at the 2025 Ukraine Recovery Conference in Rome (URC 2025), this pan-European equity fund targets €500 million, focusing on energy, infrastructure, industrial modernization, and critical minerals. It builds on the precedent of public capital seeding the vehicle to attract private investment.
Ukraine Facility for Infrastructure Reconstruction (“Ukraine FIRST”)
Also launched at the URC 2025, this joint program from the EBRD, EIB and European Commission allocates €30 million toward a project preparation facility for large-scale public infrastructure. Notably, it supports energy, transport, water, and municipal services— underpinned by a broader €2 billion EIB guarantee and a planned effort to invest €1.5 billion–2 billion annually in private sector and public works.
EBRD and EIB public sector infrastructure financing
- The EIB, under the EU backed Ukraine Facility, signed a €2 billion guarantee to support public infrastructure restoration—covering energy networks, transport corridors, water and heating systems and essential services.
- The EBRD committed approximately €1 billion to reconstruct Ukraine’s energy sector in 2025, with ambitions to increase total support to €3 billion by year-end. At the URC 2025, it announced €400 million in new financing, taking its total wartime investment to €7.6 billion. This includes, among other things, the Ukraine Renewable Energy Risk Mitigation Mechanism, intended to unlock up to 1.5 GW of new renewable energy projects, potentially mobilizing €2 billion in investments.
Amber Dragon Ukraine Infrastructure Fund I
A significant private-sector-led initiative, this Luxembourg-structured fund is gearing up to mobilize €350 million in equity across energy, transport, logistics and digital infrastructure. Initiated by Amber Fund Management Ltd., with leading Ukrainian investment firm Dragon Capital to provide local expertise and institutional support, it reflects growing investor-led platforms tailored to Ukraine’s reconstruction. EBRD and EIB are expected to act as initial investors, committing €60 million and €40 million, respectively.
IFC & EBRD Equity Programs
At the URC 2025, the IFC announced up to €5 million for the first institutionally backed early-stage Ukrainian venture capital fund (Flyer One Ventures Fund V), alongside a €6.5 million equity investment from the EBRD, to invest predominantly in early-stage Ukrainian startups across sectors such as enterprise software, EdTech, FinTech and consumer technology. In addition, to address Ukraine’s acute equity capital gap, the IFC and EBRD are jointly developing a series of private equity and venture capital initiatives with Ukrainian fund managers. These efforts aim to mobilize over €600 million across infrastructure, growth equity and innovation sectors, targeting investments that modernize and scale Ukrainian enterprises. As part of this strategy, the IFC and European Commission plan to launch the €105 million Better Futures Program: High Impact Equity Guarantee, designed to unlock over €1 billion in private investment through equity and quasi-equity guarantees. An additional €17.5 million in technical assistance will support implementation, building on the €350 million BFP guarantee announced at URC 2024.
Together, these initiatives mark a strategic pivot toward blended finance models in Ukraine, de-risking critical projects and signaling investor confidence. For investors, this ecosystem offers diversified entry points designed to deliver both impact and returns, demonstrating that Ukraine is increasingly being rebuilt through market-oriented structures rather than aid dependency. As Ukraine opens its doors to global partnerships, these steps signal a commitment to transparency and readiness for business.
By Adam M. Mycyk, Maksym Sysoiev, and Christopher W.K. Fetzer, Partners, Dentons
