The U.S. government on Wednesday pledged $75 million to kick-start a landmark deal to invest in Ukraine’s vast mineral reserves, a commitment that will ease fears in Kyiv that the Trump administration is walking away from the war-torn country.
When an agreement this spring granted the United States a stake in Ukraine’s critical minerals, Kyiv cast it as a way to lock in American support through business ties. President Trump had made clear he would no longer give U.S. money to Ukraine for the war effort, leaving Kyiv scrambling to retain whatever American engagement it could.
Many observers doubted that the deal could draw U.S. investment while the fighting raged. But the new American pledge and a matching commitment by the Ukrainian government will bring a fund created under the agreement to $150 million.
“By deploying this initial capital, we aim to catalyze private-sector investments in Ukraine through the fund’s investments, to rebuild critical infrastructure, unlock nature resources and generate economic prosperity for the United States and Ukraine,” Conor Coleman, head of investments at the U.S. International Development Finance Corporation, or D.F.C., the government agency behind the investments, said in a statement.
The flow of U.S. government money into Ukraine’s minerals, hydrocarbons and related infrastructure could help reassure private investors and attract badly needed capital to sustain the country’s war economy.
It also shows the new mercantile nature of the U.S.-Ukrainian alliance under Mr. Trump. While the Biden administration spent tens of billions of dollars to aid Kyiv, Washington now focuses on opportunities to profit through investments and sales. It provides weapons to Ukraine only through purchases facilitated by a NATO-backed procurement system that uses European funds.
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