Ukraine is ready to sign an agreement with the U.S. on the creation of a joint investment fund.
Prime Minister Denys Shmyhal stated this at a press conference on March 4, an Ukrinform correspondent reports.
“In the public space, you hear messages from the US about its readiness to sign this agreement (a framework agreement on minerals extraction- ed.). A clear signal is also coming from our side, and I will repeat it again: we are ready to sign the initial agreement on the creation of a joint investment fund. The Ukrainian government has agreed to it, and this is our common position – of the President of Ukraine, government, and parliament. This agreement should be signed with the U.S.,” Shmyhal said.
He noted that Ukraine is ready for communication, negotiations, and signing.
“We are waiting for feedback. We have already received relevant signals publicly. Now we are waiting for agreements at the diplomatic level,” the Prime Minister said.
The head of government added that Ukraine and the U.S. had not yet started specific work on an agreement to create a joint investment fund for minerals extraction.
“We have indeed drafted together with the U.S. presidential administration the text of a preliminary agreement, which provides for a deal on further work on a specific international agreement to create an investment fund. But we have not started working on the agreement,” Shmyhal emphasized.
According to the prime minister, so far there is only a political framework for how the fund should be formed. The document provides that the fund will be managed jointly by the governments of Ukraine and the U.S., while the contribution of the Ukrainian side will be 50% of future revenues from minerals and related infrastructure.
“To date, the government has approved only the agreement that contains the intention to create an investment fund. The next international agreement will require ratification by the Ukrainian parliament and the U.S. Congress,” Shmyhal emphasized.
He added that a special group will be set up to work on a specific agreement where international lawyers will be involved.
As Ukrinform reported, on February 28, a signing ceremony for the Agreement on the Creation of an Investment Fund for the Reconstruction of Ukraine was to be held in Washington with the participation of the presidents of Ukraine and the U.S. However, after the early conclusion of the negotiations, the signing of the document was called off.
