On 7 January 2026, an online portal for submitting investment projects to the United States–Ukraine Reconstruction Investment Fund officially opened. The launch marks the Fund’s move into the operational phase and the start of its active investment activities.
About the United States-Ukraine Reconstruction Investment Fund
The United States-Ukraine Reconstruction Investment Fund (URIF) is an investment fund established on 23 May 2025 in accordance with an intergovernmental agreement between Ukraine and the United States of America.
The URIF aims to support Ukraine’s recovery and strengthen its long-term resilience by making direct investments and engaging the private sector in strategic projects across natural resources, infrastructure, energy and technology. Its initial capital is USD 150 million, contributed equally by the United States, through the DFC, and by Ukraine.
The URIF is overseen by a Board of Directors and four committees – investment, audit, administrative and project initiation. Alvarez & Marsal serves as the Fund’s key operating partner and investment advisor.
Priority Investment Areas
URIF considers investment projects in the following target sectors:
- critical natural resources, in particular the extraction and transportation of hydrocarbons
- energy (including generation, transmission, and extraction)
- transport and logistics
- information and communication technologies
- strategic and advanced technologies
At the beginning the Fund plans to give priority to investments in equity capital and equity-like instruments.
Launch of the Online Portal and Its Significance
The launch of the online portal was announced by the Ministry of Economy, Environment and Agriculture of Ukraine jointly with the DFC and became the first practical step toward the start of the Fund’s investment activities following the confirmation of its full operational readiness in December 2025.
According to the Minister of Economy, Environment and Agriculture of Ukraine, the Fund plans to conclude its first investment agreements in 2026. Projects must correspond to the target sectors, have a clear structure, ensure a tangible contribution to Ukraine’s recovery, be attractive to international investors, and contribute to deepening the economic partnership between Ukraine and the United States.
Procedure for Submission and Review of Projects
Project Application Submission: a project proposal may be submitted through the online portal by providing a brief description of the project, contact details of key stakeholders and supporting documents.
Preliminary Review: after the application is submitted, the Fund’s investment team reviews the submission to assess its potential and compliance with URIF’s mission and strategic objectives. The Fund may contact the applicant to request additional information.
Detailed Analysis: further analysis covers the financial, commercial and operational capacities of the project, as well as due diligence of all parties involved. The Fund may engage United States and other investors to strengthen project financing and attract additional resources. A detailed review of all project components is conducted prior to final approval and the commencement of investments.
Decision-Making and Implementation: following project approval, the investment agreements are finalised, project implementation commences, and the Fund’s team subsequently monitors project implementation in accordance with the agreed plan and, where necessary, will make changes to ensure successful implementation.
Where to Find the Submission Terms: detailed terms and requirements for the submission of investment projects are available on the official website of the United States-Ukraine Reconstruction Investment Fund via the link.
By Yaroslav Petrov, Partner, and Tetiana Piskun, Senior Associate, Asters
