The Governing Council of the joint Ukraine-U.S. Reconstruction Investment Fund held its first meeting. Prime Minister Yulia Svyrydenko announced this on September 3. She noted that the council consists of three representatives from each side.
This is reported by Kyiv24
Composition and Powers of the Governing Council
The American side is represented by Secretary of the Treasury Scott Bessent, Chief Investment Officer of DFC (U.S. International Development Finance Corporation) Connor Coleman, and Vice President and General Counsel of DFC Robert Stebbins. The Ukrainian delegation also consists of three representatives, whose names are not disclosed in the announcement.
During the meeting, the council approved the main rules of its operation and formed specialized committees. Additionally, council members granted authority to open bank accounts for the Fund and established the procedure for selecting an administrator and investment advisor.
“This is a key governing body, consisting of three representatives from Ukraine and the U.S. The American side delegated Secretary of the Treasury Scott Bessent, Chief Investment Officer of DFC (U.S. International Development Finance Corporation – ed.) Connor Coleman, and Vice President and General Counsel of DFC Robert Stebbins,” she wrote on her social media.
Initial Steps and Prospects for the Fund
According to Yulia Svyrydenko, the next stage of the council’s activities will be to identify projects for the first pilot investments. Discussions on these matters are scheduled for September during the visit of DFC representatives to Kyiv.
The Prime Minister emphasized that attracting American investments can ensure security not only for Ukraine but also for American businesses operating in the Ukrainian market.
It is worth noting that on April 30, Ukraine and the U.S. signed an agreement on economic partnership and the establishment of the Reconstruction Investment Fund. As Yulia Svyrydenko mentioned, the agreement stipulates that the fund will be created on a parity basis (50/50), without any debt obligations of Ukraine to the U.S., and its ownership and control will remain entirely with the Ukrainian side. Furthermore, the agreement will not hinder Ukraine’s accession to the European Union, and the fund will be replenished solely from the revenues of new licenses.
The agreement on the U.S.-Ukrainian Reconstruction Investment Fund officially came into effect in May after the diplomatic note was delivered to the United States.