Published by Global Banking & Finance Review®
Posted on April 15, 2026
3 min readLast updated: April 15, 2026
Add as preferred source on GoogleUkraine’s deputy economy minister expects the U.S.–Ukraine Reconstruction Investment Fund (URIF) to approve a second investment project—probably in energy—this summer, following the first deal in March. A third project is anticipated before end‑2026; the fund’s capital is growing beyond its initial
WASHINGTON, April 15 (Reuters) - Ukraine's deputy economy minister said on Wednesday he expects the Ukraine-U.S. joint reconstruction fund to approve a second investment project, likely in the energy sector, this summer, with a third project expected before the end of 2026.
Yegor Perelygin, part of a large Ukrainian delegation visiting Washington this week, told Reuters cooperation on the U.S.-Ukraine Reconstruction Investment Fund with the U.S. International Development Finance Corp was going well, and discussions were underway about expanding its scope.
The fund, established as part of a minerals deal signed between the U.S. and Ukraine one year ago, is focused on investments in five strategic sectors, including critical minerals, even as Ukraine battles Russia more than four years after Moscow's full-scale invasion.
It announced its first investment, in Sine Engineering, a Lviv-based communications and navigation technology producer, last month.
The fund is expected to reach $200 million by the end of the year, with initial seed money from both the U.S. and Ukraine to be augmented by fees and other contributions.
Perelygin said the fund played an important role as a "de-risking mechanism" to attract investment into the five key sectors: critical minerals, infrastructure, energy, telecoms and high tech, and emerging technologies.
"We think that we can use it as a centerpiece for funneling or taking more insurance-related mechanisms onto the market or supporting strategic off-take contracts," he said in an interview with Reuters.
Ukraine's energy sector was severely damaged during intense Russian attacks this winter, leaving Ukraine to rebuild some 3 gigawatts of power this year, Perelygin said, although he declined to estimate the associated cost.
The U.S. and Ukraine are looking at bringing in big institutional investors, including the European Investment Bank and the European Bank for Reconstruction and Development, along with sovereign investment funds, private equity players and big industrial firms, he said.
"The idea is that this fund can serve as a first step on the long, long road ahead," he said.
Perelygin said Ukraine was in discussions with several major insurance companies about providing some backstop for investors moving into the country.
He said the government estimated it needed about $5 billion of insurance capital each year to function and boost growth, with about 40% of that amount needed for the energy sector.
Discussions, including with British insurers, revealed some interest, especially in more bespoke instruments for energy assets and energy technology deployment in Ukraine, he said.
(Reporting by Andrea Shalal; Editing by Paul Simao)
The US-Ukrainian investment fund is a joint reconstruction fund focused on investing in five strategic sectors in Ukraine, established as part of a minerals deal between the US and Ukraine.
The investment fund targets critical minerals, infrastructure, energy, telecoms and high tech, and emerging technologies in Ukraine.
Ukraine's deputy economy minister expects the second investment project, likely in the energy sector, to be approved during the summer.
The fund is expected to reach $200 million by the end of the year, with contributions from both the US and Ukraine.
Insurance acts as a de-risking mechanism to attract investments and provide backstop for investors, especially with bespoke instruments for the energy sector.
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