US-Ukraine Reconstruction Investment Fund delivers first investment approval
The U.S.-Ukraine Reconstruction Investment Fund (URIF) has approved its first investment, backing Ukrainian technology company Sine Engineering.
According to Ukrinform, Ukrainian Prime Minister Yuliia Svyrydenko announced this on Facebook following a meeting of the URIF's Managing Board held in Kyiv.
"Today marked a historic meeting of the Managing Board of the U.S.-Ukraine Reconstruction Investment Fund (URIF). Here in Kyiv, the Board approved the fund's first investment – in the Ukrainian dual-use technology company Sine Engineering," Svyrydenko wrote.
She noted that the company operates in the communications and navigation sector, and its components are already used by more than 150 Ukrainian manufacturers of UAVs and interceptor systems.
In less than a year since the signing of the bilateral agreement, the fund has already made its first investment and received more than 200 applications, over half of them from Ukrainian companies.
The largest number of proposals came from the energy sector, which is key to Ukraine's recovery, while other priorities include dual-use manufacturing, infrastructure, and critical minerals.
Svyrydenko thanked U.S. Treasury Secretary Scott Bessent for his leadership in ensuring the fund's operation, DFC Chief Investment Officer Conor Coleman, U.S. Deputy Undersecretary for International Finance Jonathan Greenstein, and the entire U.S. delegation that visited Ukraine despite ongoing attacks.
She also expressed special thanks to U.S. Charge d’Affaires in Ukraine Julie Davis for coordinating cooperation.
"The U.S.-Ukraine Reconstruction Investment Fund is part of our strategic partnership with the United States. Its successful operation demonstrates that Ukraine offers unique expertise and technologies and can be as a successful business case," Svyrydenko said.
In its first two months of operation, the fund selected 22 projects for further development, eight of which are already forming an investment portfolio estimated at $1.2 billion.
Photo credit: Yuliia Svyrydenko / Facebook