Agreement with US on minerals may be signed within next 24 hours – Shmyhal

The agreement between the governments of Ukraine and the US on economic partnership and the creation of an investment fund for the reconstruction of Ukraine (the agreement on minerals) may be signed within the next 24 hours. Prime Minister Denys Shmyhal said this on the air of a telethon, the Ukrainian News agency reports.

Shmyhal, in particular, reported that today the First Deputy Prime Minister - Minister of Economy Yuliia Svyrydenko is already on her way to Washington.

"We are already finalizing the final details with our American colleagues. This is indeed a strategic agreement on the creation of an investment fund, a partnership, this is an equal and good agreement on joint investments in the development and restoration of Ukraine between the governments of the US and Ukraine. As soon as all the final details are finalized in the near future, I hope that within the next 24 hours the agreement will be signed and accordingly we will receive the first step," he said.

Further, according to the Prime Minister, this agreement will be followed by the signing of two more technical, executive agreements on the direct creation of the fund and its financing and replenishment.

Shmyhal noted that all the fundamental points of the agreement have already been agreed upon. In particular, he reported that the agreement provides for the creation of an investment fund in Ukraine with a 50% to 50% distribution of management shares and shares that the parties will contribute to the fund management by 3 representatives from Ukraine and the United States.

Contributions will be made in cash, the American side can count new military assistance to Ukraine as a contribution to the fund.

Ukraine retains control over all resources - subsoil, infrastructure, natural resources, Ukraine makes a 50% contribution from new licenses, from new mineral rents.

This fund will invest in the development and restoration of Ukraine for 10 years, the fund's profits can be distributed for the first time by agreement of the parties after 10 years.

The agreement exempts the parties from taxation and customs duties.

The agreement must be ratified by the Verkhovna Rada, in the US the agreement must be verified by the government.

As the Ukrainian News agency earlier reported, Shmyhal previously suggested that there will be several partnership agreements between Ukraine and the US: in addition to the intergovernmental agreement on economic partnership and the creation of an investment fund for the reconstruction of Ukraine (an agreement on minerals), there will also be executive agreements between companies.

Shmyhal also reported that they agreed with the US that this agreement would not include assistance provided before the signing of this agreement.-