By Yasin Gungor and Michael Hernandez
ISTANBUL/WASHINGTON (AA) - The US Treasury Department announced Wednesday that the United States and Ukraine have signed the Ukraine critical minerals deal agreement, establishing the US-Ukraine Reconstruction Investment Fund following months of challenging negotiations.
"On April 30, the United States and Ukraine signed an agreement to establish the United States-Ukraine Reconstruction Investment Fund," the Treasury Department said in a statement.
The department noted that the economic partnership would allow the two countries to work collaboratively to accelerate Ukraine's economic recovery, underlining Washington's "significant financial and material support" to Kyiv since the war with Russia began in 2022.
The Treasury Department and the US International Development Finance Corporation will work with Ukraine's government to finalize program governance, according to the announcement.
Treasury Secretary Scott Bessent praised President Donald Trump's role in the agreement.
"Thanks to President Trump's tireless efforts to secure a lasting peace, I am glad to announce the signing of today's historic economic partnership agreement."
"Both the United States and the Government of Ukraine look forward to quickly operationalizing this historic economic partnership for both the Ukrainian and American people," the statement said.
- Agreement ensures success for both countries: Ukrainian minister
Ukraine's Economy Minister Yulia Svyrydenko also confirmed the signing of the agreement. In a post on Facebook, she thanked the leaders of the two countries and everyone who contributed to its realization.
"Now the document is one that can ensure success for both our countries - Ukraine and the United States," she said.
Under the agreement, a fund would be set up with the US to attract international investment, Svyrydenko said.
She said that Ukraine would retain ownership of all resources in Ukrainian territory and territorial waters and that Kyiv would decide what and where to extract.
The fund is being created on a 50/50 basis, which reflects an equal partnership between two states, according to Svyrydenko.