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Finance

US-Ukrainian investment fund seals first critical minerals deal

Published by Global Banking & Finance Review

Posted on October 2, 2026

3 min read

· Last updated: October 2, 2026

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US-Ukrainian Investment Fund Launches Initial Critical Minerals Deal and $70M Projects

US-Ukrainian Fund's Strategic Investments and Project Details

By Marc Jones

Background and Fund Establishment

LONDON, Oct 2 (Reuters) - The joint US-Ukrainian ‌reconstruction investment fund has sealed its first critical minerals deal alongside four other new projects, one of its top US officials told Reuters.     

The fund, established as part of the minerals pact the two countries signed in April last year following a push by US President Donald Trump, is focused ​on five strategic sectors from minerals and defence to energy and infrastructure.

Current Project Portfolio and US Support

Conor Coleman, head of investments at the US International Development Finance Corporation (DFC), said the fund's projects now total around $70 million and showed Washington's support for Kyiv in the long-running war with Russia.

"It's absolutely imperative for the Ukrainian people that we're investing now," Coleman said in an interview, referring to the ongoing damage to Ukraine as it faces another winter.

Critical Minerals Deal

Investment Platform and Partners

The long-anticipated first minerals deal will inject roughly $30 million into a "joint investment platform" with BGV Group, a firm founded by Hennadii Butkevych, the billionaire co-owner of Ukraine's largest supermarket chain ATB.

Targeted Minerals and Strategic Importance

Coleman said it would initially focus on early-stage mining projects across Ukraine and target rare earths, uranium, beryllium and zirconium deposits.

"They are all on the US critical minerals list, so it ties in very well with what we're looking to do from a (US) administration priority (standpoint)," Coleman said.

Power and Energy Projects

Infrastructure Resilience Initiatives

POWER PROJECTS

Two of the other new projects announced on Friday aim to shore up Ukraine's power and heating networks after a rise in Russian attacks on key infrastructure ahead of winter.

Battery System for Backup Power

Coleman said one would add to the near $100 million the DFC has just agreed to lend Ukraine's largest private energy company DTEK for a new battery system that will provide backup power to approximately 600,000 Ukrainian homes for up to two hours. 

The project will also have "access to capital if damages arise".

Combined Heat and Power Co-Generation Platform

The fund will also take an equity stake in a combined heat and power co-generation platform designed to help build and run off a number of "energy hubs" aimed at restoring damaged electricity and heat supplies to households. 

Future Capital and Expansion

Coleman also said the fund was looking for more capital to increase its capacity.  

(Reporting by Marc Jones; Editing by Alexander Smith)

Key Takeaways

  • First critical minerals deal: ~$30 million into BGV Group platform targeting rare earths, uranium, beryllium, zirconium.
  • URIF’s total project portfolio stands at ~$70 million across strategic sectors including power and CHP upgrades.
  • The fund supports Ukraine’s resilience ahead of winter, reinforcing U.S. backing via DFC and the 50/50 US–Ukraine reconstruction fund framework.

Frequently Asked Questions

What is the focus of the US-Ukrainian reconstruction investment fund?
The fund focuses on five strategic sectors including minerals, defence, energy, and infrastructure to support Ukraine's rebuilding efforts.
How much is being invested in the first critical minerals deal?
Approximately $30 million will be injected into early-stage mining projects in Ukraine targeting rare earths, uranium, beryllium, and zirconium.
Who are the partners in the first minerals deal?
The joint investment platform is established between the fund and BGV Group, founded by Hennadii Butkevych.
What other projects did the investment fund announce?
The fund also announced projects to reinforce Ukraine’s power and heating networks, and took an equity stake in a platform for restoring energy hubs.
How does the investment support Ukraine during the war with Russia?
The investments are aimed at helping Ukraine withstand infrastructure attacks, ensuring energy supply, and supporting reconstruction.

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