Ukraine-US fund approves first investment, in navigation tech producer
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Ukrainian Prime Minister Yulia Svyrydenko said the largest number of over 200 investment applications submitted focused on the energy sector, a key priority after a brutal winter for Ukraine.
PHOTO: AFP
- Ukraine-US reconstruction fund approved initial investment in Sine Engineering, a Ukrainian communications and navigation tech firm.
- The fund received over 200 applications, primarily in energy, and aims to reach $200 million by year-end.
- Future investments are planned, focusing on strategic sectors like energy, dual-use technology, and critical minerals.
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KYIV/WASHINGTON - The Ukraine-US joint reconstruction fund has approved its first investment project, in Sine Engineering, a Lviv-based communications and navigation technology producer, the Ukrainian prime minister said on March 25.
The US-Ukraine Reconstruction Investment Fund received over 200 investment applications, most of them in the energy sector, Ms Yulia Svyrydenko said on the Telegram app.
She said the company’s technology was used by 150 Ukrainian manufacturers of drones and interceptor systems.
The fund, established as part of a minerals deal signed between the US and Ukraine in April, began operations in December. Focused on investments in critical minerals and other strategic sectors, it is expected to reach US$200 million (S$256 million) by the end of the year, as the Ukraine war drags on.
Mr Conor Coleman, head of investments at the US International Development Finance Corporation (DFC), said the first investment paved the way for further announcements in coming months.
“This is laying the foundation for success going forward,” Mr Coleman told reporters. “We looking forward to having more announcements on this... in the next coming months.”
Ukrainian officials had said they hoped to announce three initial investment projects this year, and the number could climb beyond that, a US official said.
Ms Svyrydenko, in a post on X, said the largest number of proposals submitted focused on the energy sector, a key priority after the last brutal winter, which saw increased Russian attacks on Ukrainian energy production sites.
Other priority areas include dual-use technology manufacturing, infrastructure, and critical minerals, she said. REUTERS
