The first meeting of the Governing Council of the Reconstruction Investment Fund, jointly established by Ukraine and the United States, took place in Kyiv. Prime Minister Yulia Svyrydenko reported this, noting that three representatives from both sides are part of the body.
This is reported by Finway
Composition of the Governing Council and Powers
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.
During the first meeting, the council approved its working regulations, formed the necessary committees, and granted powers to open bank accounts for the Fund, designate an administrator, and an investment advisor.
“This is a key governing body, comprising 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.
Next Steps and Conditions for Cooperation
Yulia Svyrydenko announced that the next step will be to identify the first projects for pilot investments. Discussions on this matter with American partners from DFC are scheduled for September during their visit to Kyiv. The head of the government emphasized that American investments could become a guarantee of security for both Ukraine and American businesses in the country.
It is worth noting that Ukraine and the U.S. signed an agreement on economic partnership and the establishment of the Reconstruction Investment Fund on April 30. According to Yulia Svyrydenko, the document stipulates that full ownership and control over the fund remain with Ukraine, with a 50/50 ratio, and there are no debt obligations of Ukraine to the U.S. The agreement will not hinder Ukraine’s accession to the EU, and the fund will be filled exclusively from new licenses.
The agreement on the establishment of the American-Ukrainian Reconstruction Investment Fund officially came into effect in May after the relevant diplomatic note was transmitted to the U.S.