Mineral deal. The Ministry of Economy explained how the Ukrainian-American reconstruction fund will work
The Ukrainian-American investment fund envisaged by the mineral agreement will have a balanced management system in which both countries will be equally represented, and critical decisions will be made only unanimously. This was stated by the Ministry of Economy, Ukrinform reports.
According to the department, the Fund will be led by six managers (three from each country), who will be members of the Governing Board and various committees.
The Ministry of Economy noted that four committees will operate within the structure of the Fund:
→ operational management and audit (their representation will be equal – two managers from Ukraine and the USA);
→ search for projects (the Ukrainian side will have priority);
→ investment decisions (most will be made by managers from the States).
The government emphasized that critical decisions will be made by the Fund's Governing Board exclusively unanimously – that is, the parties will have to seek a compromise.
The Ministry of Economy also announced the signing of two additional agreements that will regulate the launch of this Fund: it is expected that thanks to these documents, the institution will be able to begin its activities within a few weeks and will contribute to attracting international investments in the reconstruction of Ukraine.
The day before, Economy Minister Yulia Svyrydenko reported that Ukraine had completed all procedures for launching the joint Fund, and a corresponding note was presented to the US Chargé d'Affaires ai Julie Davis.
- On May 12, Zelensky signed a law ratifying the resource agreement between Ukraine and the United States. On May 13, the Verkhovna Rada adopted a bill amending the Budget Code to implement the subsoil agreement.
Contributions to the fund will be made jointly by the United States and Ukraine: the States will make their contribution by providing military assistance to Kyiv or in other ways of their own choosing (read more about how the agreement will work here).
- American diplomat Carpenter told LIGA.net that the mineral treaty does not provide security guarantees, but it is a good deal for the benefit of both countries.
