The Verkhovna Rada has ratified the agreement between the governments of Ukraine and the United States of America on the establishment of the US-Ukraine Reconstruction Investment Fund (the minerals agreement).
The broadcast of the parliamentary session at which the relevant decision was adopted was hosted by Yaroslav Zhelezniak, a Member of Parliament from the Holos faction, on his YouTube channel.
A total of 338 voted in favor of Bill No. 0309 as the basis, with a minimum of 226 votes.
The agreement shall enter into force on the date of a later note in the exchange of notes between the parties stating that each party has completed its internal procedures.
Ratification of this agreement does not imply ratification or automatic approval by the parliament of the limited partnership agreement or any other agreements that will be concluded in the future.
The ratified agreement aims to strengthen the strategic partnership between the parties for the long-term reconstruction and modernization of Ukraine in response to a full-scale russian invasion.
The agreement also provides for the creation of the US-Ukraine Reconstruction Investment Fund as a key mechanism for promoting transparent, accountable, and forward-looking investments.
The Fund will be managed jointly by Ukraine and the United States. The Fund will be replenished from the Ukrainian side by 50% of the funds from new licenses for projects in the field of critical materials and oil and gas, which will be received by the budget after the Fund is established. The United States, in addition to direct funds to the Fund, can make it new assistance. The agreement does not contain any mention of any debt obligations of Ukraine to the United States.
The Fund is supported by the US government through the DFC agency, which will help attract investments and technologies from funds and companies in the US, the EU, and other countries. The Fund’s income and contributions are not taxed in either the US or Ukraine. Ukraine expects that in the first 10 years, the profits and revenues of the Fund will not be distributed, but can only be invested in Ukraine - in new projects or reconstruction.
The agreement between the governments of Ukraine and the United States on economic partnership and the creation of a Ukraine Reconstruction Investment Fund (the agreement on minerals) covers the entire territory of Ukraine, defined by the 1991 borders.
As the Ukrainian News agency earlier reported, the Rada included in the agenda amendments to the Budget Code to implement the agreement with the United States on minerals.
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