Ukrainian Prime Minister Yulia Svyrydenko announced that during a meeting of the Management Council of the American-Ukrainian Reconstruction Investment Fund (URIF), held in Kyiv, the first company for investment was chosen from over 200 submitted applications.
This is reported by Finway
“The Council approved the Fund’s first investment – in the Ukrainian dual-use technology company Sine Engineering. It operates in the field of communication and navigation. Its components are already used by over 150 Ukrainian manufacturers of UAVs and interceptors,” Svyrydenko wrote on Facebook.
Investments in Dual-Use Technologies and Energy
The Chief Investment Officer of the U.S. International Development Finance Corporation (DFC), Connor Coleman, emphasized during an online briefing that the Fund is laying the groundwork for the country’s reconstruction over the next decade, and investments have already begun to be implemented. According to him, this is just the beginning, and an increase in the number of investment projects is expected in the coming months.
Svyrydenko noted that more than half of the two hundred applications were submitted by Ukrainian companies. The projects in the energy sector, which is currently considered strategically important for Ukraine, generated the most interest. Additionally, among the priorities are the production of dual-use products, infrastructure development, and the extraction of critical minerals.
Fund Plans and Next Steps
The American-Ukrainian Reconstruction Investment Fund is seen as a component of the strategic partnership between Ukraine and the United States. Svyrydenko emphasized that the successful operation of the fund demonstrates the unique experience and technological potential of Ukrainian companies, allowing Ukraine to serve as a promising business case for international investors.
One of the American officials who participated in the briefing noted that there are plans to invest in more than three projects by the end of the current year, despite the initial intention to limit it to just three. According to him, this is beneficial for both Ukraine and the United States.
Before the council meeting, Ukraine’s Minister of Energy, Denys Shmyhal, held negotiations with the DFC regarding a potential loan of $1.4 billion for the recovery of the gas extraction industry, which has suffered significant damage during the war. In turn, the company Naftogaz of Ukraine submitted an application to the fund for financing the purchase of liquefied gas and expanding domestic gas production, as reported by its head, Serhiy Koretsky.
The DFC opened a web portal for accepting investment applications back in January of this year. To date, the fund’s capital exceeds $200 million: $75 million each was contributed by the governments of the U.S. and Ukraine, with the remaining funds coming from royalties on licenses for the extraction of critical minerals in the country.