The government expects that the Investment Fund for Reconstruction under the agreement with the United States will be fully operational within a few weeks. This was stated by First Deputy Prime Minister - Minister of Economy Yulia Svyrydenko during a press conference on Thursday, reports UNN correspondent.
We hope that the ratification (of the agreement on minerals - ed.) will be successfully completed today. Next, we should have at least two more agreements on the table that will regulate the launch of the Fund. This is a limited partnership agreement and an agreement that, in essence, determines how the Fund will function
According to her, American colleagues hope that these implementation agreements will be finalized as soon as possible.
"The attitude of our American colleagues, and I think this is a positive signal, is that they hope that all these agreements will be finalized as soon as possible. Sooner means weeks, not even months," Svyrydenko said.
She explained that the agreements that are of an implementation nature are agreements not at the intergovernmental level, but of a commercial nature, which will be signed by two legal entities. On the US side – DFC, on the Ukrainian side – the PPP Agency (Agency for Public-Private Partnership Support).
We hope that the Fund will be fully operational within a few weeks. Of course, the task is to make it operational. The ability to launch this Fund means that there must be financial contributions from both American partners and Ukraine
The First Deputy Prime Minister also explained how contributions to the Fund will be made. "These can be financial resources from the United States or military assistance that will be provided to Ukraine, assessed and approved by the two parties, and the US contribution will actually increase by this amount," she said.
"On the part of Ukraine, this is clearly defined in Annex A to the agreement - 50% of royalty payments, license payments from new deposits, which will be transferred to a special account, and this will be our contribution," Svyrydenko said.
Deputy Minister of Economy - Trade Representative of Ukraine Taras Kachka added that the initial contribution for the Fund to become operational will be made by the US International Development Corporation DFC.
In addition, Svyrydenko explained that, from her point of view, the Fund will start operating when the first investment projects are launched.
"Therefore, legally weeks, and we are finalizing…", - Svyrydenko summarized.
Context
Ukraine has signed an agreement with the United States to establish an Investment Fund for Reconstruction, which is called the agreement on mineral resources. Prime Minister Denys Shmyhal reported that the agreement is based on five key principles.
On May 2, the Cabinet of Ministers submitted to the Verkhovna Rada a draft law on ratification of the agreement between Ukraine and the United States regarding mineral resources.