The government of Ukraine has reached agreements with the U.S. Department of State regarding additional funding for geological exploration of Ukraine’s subsoil. According to Minister of Economy Oleksii Sobolev, these funds will be directed towards updating information on mineral reserves, which will allow for a more accurate assessment of the potential of Ukraine’s subsoil and the identification of the most promising areas for further development.
This is reported by Finway
New Geological Research Program and Expansion of Investment
The funding is being provided under a separate program that is not related to the activities of the U.S.-Ukraine Foundation. Currently, the declared capital of this foundation amounts to $150 million, equally contributed by Ukraine and the United States. However, as Sobolev emphasized, the budget for the new program will be even larger, with its main goal being the update of outdated geological data, most of which dates back to the 1950s to 1980s.
“Under the new program, the budget will be larger,” noted Oleksii Sobolev, emphasizing that updating geological information is critically important for the development of the industry.
Updated data will enable more efficient planning of extraction and attract investors to the development of mineral resources. In addition, Ukraine is working on creating an investment fund together with the European Union, which will invest in public and private projects, receiving a share of 10 to 20%.
International Cooperation in Geology
Deputy Minister of Economy Yegor Perelygin reported that other international partners, including Germany, Britain, and Canada, are also planned to be involved in geological exploration. A bilateral agreement on cooperation in the field of geology and subsoil use has already been signed with Canada. This two-year program includes the establishment of a Ukrainian-Canadian Coordination Committee on Mineral Resources. Such a platform will facilitate the implementation of joint initiatives, the exchange of experiences, and the introduction of modern approaches to natural resource management.
Cooperation with Canada includes the development of geological research, modernization of the geological data base, digital transformation of the industry, and joint exploration of critical mineral deposits.
Furthermore, the Ukrainian government has approved the procedure for implementing agreements regarding the establishment of the U.S.-Ukraine Investment Fund for Reconstruction. This document outlines the operational rules for investors, the conditions for business interaction with government institutions and American partners, as well as the general principles for project implementation under the agreements between Ukraine and the United States. This opens new opportunities for actively attracting investment in the development of the economy and the reconstruction of the country.