Memorandum between Ukraine and the United States: the full text of the document is now available. What is important to know about it
18 April 10:58
The full text of the Memorandum of Intent on the establishment of the Economic Partnership and Recovery Fund signed by Ukraine and the United States has been posted online. The document was published on April 18 by Ukrainian MP Yaroslav Zheleznyak on his Telegram channel, "Komersant Ukrainian" reports.
What does the document say?
The document confirms the common desire of the parties:
- to conclude an official agreement on economic partnership and the creation of an investment fund for the post-war reconstruction of Ukraine;
- complete technical negotiations by April 26, 2025;
- organize a visit of the Prime Minister of Ukraine Denys Shmyhal to Washington to support the finalization of the agreements;
- take into account Ukraine’s obligations to the EU and international creditors when drafting the agreement.
The memorandum is not a final agreement, but confirms the political will to finalize the necessary documents and move forward with the signing of the agreement as soon as possible.
Full text of the memorandum between Ukraine and the United States
MEMORANDUM OF UNDERSTANDING BETWEEN THE GOVERNMENT OF THE UNITED STATES AND THE GOVERNMENT OF UKRAINE TO FINALIZE A FORMAL ECONOMIC PARTNERSHIP AGREEMENT AND RECONSTRUCTION INVESTMENT FUND
WHEREAS, the United States has provided significant financial and material assistance to Ukraine since Russia’s full-scale invasion in February 2022;
WHEREAS, the American people are committed to investing side by side with the Ukrainian people in a free, sovereign, and secure Ukraine;
WHEREAS, the United States and Ukraine are committed to a lasting peace in Ukraine and a strong partnership between their people and governments;
WHEREAS, the United States and Ukraine recognize Ukraine’s contribution to international peace and security through the voluntary abandonment of the world’s third largest nuclear arsenal;
WHEREAS, the United States of America and Ukraine intend to establish a reconstruction investment fund as part of the economic partnership between the two peoples and governments;
WHEREAS, the United States of America and Ukraine held extremely productive technical discussions in Washington, D.C., recently on April 11-12, 2025, to finalize negotiations on the establishment of a reconstruction investment fund;
WHEREAS, the United States respects Ukraine’s intention to avoid conflicts in the preparation of the agreement with its European Union accession obligations or agreements with international financial institutions and other official creditors;
WHEREAS, without prejudice to any political or legal procedures necessary to finalize the arrangement, Prime Minister Shmyhal will visit Washington, D.C., in the week of April 21, 2025, to meet with U.S. Treasury Secretary Bessent and provide high-level support for the conclusion of technical discussions on the terms of the agreement on the establishment of the Reconstruction Investment Fund. The negotiating teams are expected to report on progress by April 26, 2025, with a view to concluding negotiations by that date and signing the agreement as soon as possible;
NOW, THEREFORE, as evidenced by the signatures below, the Government of the United States and the Government of Ukraine sign this Memorandum of Understanding to expeditiously complete the necessary documents to finalize an economic partnership agreement between the people of the United States and Ukraine and to establish a reconstruction investment fund.
This Memorandum of Understanding may be executed in two or more counterparts, each of which shall be deemed to be an original and shall constitute one and the same instrument.
Ukraine Recovery Fund: what does the memorandum between the US and Ukraine mean and why is it important?
This is a joint investment mechanism that will accumulate funds from the United States and potentially other partners to finance reconstruction projects, modernize infrastructure, and develop the Ukrainian economy. This is not just donor assistance, but a long-term investment instrument with elements of public-private partnership.
The fund is expected to support the following areas
- restoration of housing and critical infrastructure;
- support for small and medium-sized businesses;
- development of energy independence, including renewable energy;
- modernization of transport logistics;
- digital transformation and technology projects.
Thus, the fund will become an element of Ukraine’s economic integration with the West and will be of strategic importance not only for reconstruction but also for strengthening investor confidence.
Political and security context
The text of the memorandum emphasizes several key things that point to the broader political meaning of this initiative:
Recognition of the US leadership role in supporting Ukraine since the full-scale Russian invasion in 2022.
Reaffirmation of the strategic partnership between the American and Ukrainian peoples based on the principles of freedom, sovereignty, and security.
Appreciation of Ukraine’s contribution to international stability – in particular, the voluntary abandonment of nuclear weapons, which once made Ukraine the third largest nuclear power in the world.
The memorandum also contains an important provision: The United States recognizes Ukraine’s desire to avoid conflicts with its obligations to the European Union and international creditors. This indicates that the future fund will be created with due regard to the legal and financial constraints that Ukraine has within the framework of the European integration process.
Why is this important?
Ukraine is at a critical juncture. On the one hand, the war is ongoing, and on the other hand, institutional mechanisms for recovery are being formed. All international partners, including the EU, the World Bank, the IMF, and private donors, demand clear mechanisms for transparent money management.
The creation of a joint fund with the United States is:
1. A guarantee of transparency. US participation implies strict auditing, reporting and accountability for the use of funds.
2. Attracting investors. The existence of such a fund will be a signal to private business: the country, even in wartime, can be a platform for safe investment.
3. Support for long-term recovery, not just emergency repairs. It is about modernizing the economy, not just patching holes.
When can we expect results?
The first results are expected in the second half of 2025. If the negotiations are completed in April and the agreement is signed in the spring, the fund could be launched by the end of the year.
The key point will be to fill the fund with both US funds and potential contributions from other countries and international financial organizations. The experience of the Marshall Fund after World War II is illustrative: an instrument of large-scale assistance can transform a country’s economy.
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