The preliminary agreement foresaw the creation of a joint investment fund dominated by the United States.

On Thursday, the Ukrainian Economy Ministry published a ‘Memorandum of Intent’ stating that Ukraine and the U.S. aim to finalize the mineral resource exploitation agreement by April 26. To that end, Ukrainian Prime Minister Denys Shmyhal will travel to Washington to meet with U.S. Treasury Secretary Scott Bessent.

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On Friday, Ukrainian Deputy Economy Minister Taras Kachka said that the Ukrainian delegation will arrive in Washington next Thursday. The purpose of the trip is to conclude technical discussions on the investment fund for Ukraine’s reconstruction, which will be created under the framework of the agreement.

Kachka noted that the draft agreement includes “dozens of pages,” and some of the more sensitive issues that cannot be resolved at the technical level will require political decisions. After the signing, both the Ukrainian Parliament and the U.S. Congress must approve it.

The memorandum states that the U.S. and Ukraine “intend to establish a reconstruction investment fund as part of an economic alliance between the two peoples and the two governments.”

“We hope that the fund will become an effective tool for attracting investment in our country’s reconstruction, modernizing infrastructure, supporting businesses, and creating new economic opportunities,” Ukrainian Economy Minister Yulia Svyrydenko said, adding that the memorandum should reflect the “desire of Americans to invest alongside Ukrainians in a free, sovereign, and secure Ukraine.”

The text mentions that the U.S. has provided significant financial and material assistance to Ukraine since February 2022, and reaffirms that both parties seek “a lasting peace” and a “strong alliance between their people and governments.”

The U.S. and Ukraine also acknowledge Ukraine’s contribution “to the strengthening of international peace and security through the voluntary relinquishment of the world’s third-largest nuclear arsenal” by Kyiv in 1994 under the Budapest Memorandum.

Another important point for Ukraine was to make clear that it seeks to avoid conflicts with its commitments and obligations to the European Union (EU) on its path to accession, as well as to international financial institutions and other public creditors.

The memorandum lays the groundwork for future cooperation in the exploitation of Ukrainian mineral resources, through which the U.S. intends to recover the assistance it has provided to Ukraine.

The preliminary agreement, which was supposed to be signed during Ukrainian President Volodymyr Zelensky’s visit to the White House on February 28, foresaw the creation of a joint investment fund dominated by the U.S., into which 50% of the profits from the exploitation of Ukrainian natural resources would be deposited.

Although the framework agreement was never signed, Washington presented Kyiv at the end of March with a new, more detailed document that sought to require Ukraine to recognize the amount of U.S. military aid received as debt.

Zelensky made it clear that he would not accept this condition and the U.S. reportedly agreed during negotiations to eliminate some of the most unfavorable terms for Ukraine.

Kachka explained that, nonetheless, the U.S. “will gain at least as much as the assistance it has provided” through that investment fund.

teleSUR/ JF

Source: EFE

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