U.S. announces Ukraine Reconstruction Investment Fund and names charge d’affaires for Kyiv

The State Department announced at a briefing that the United States has established a U.S.-Ukraine Reconstruction Investment Fund intended to draw private investment for Ukraine’s postwar recovery, and identified Ambassador Julie Davis to serve as the charge d’affaires in Kyiv during a critical moment as talks toward a peace agreement continue.

The fund, the department said, is an economic partnership meant to “attract private sector investment, create jobs, develop secure supply chains, and drive economic growth,” and to provide a foundation for Ukraine’s recovery from the war. A State Department spokesperson said the initiative reflects a bilateral commitment to long-term rebuilding and national security for Ukraine.

“The U.S.-Ukraine Reconstruction Investment Fund . . . will attract private sector investment, create jobs, develop secure supply chains, and drive economic growth,” the State Department spokesperson said. The spokesperson added the arrangement “involves much more than just the critical minerals.”

In the same briefing the department said President Donald Trump and Secretary Rubio identified Julie Davis, a career member of the senior foreign service who currently serves as U.S. ambassador to Cyprus, to act as charge d’affaires in Kyiv while negotiations and postwar planning continue. The spokesperson described Davis as “a distinguished career member of the senior foreign service” with three decades of diplomatic experience and said the selection reflects the administration’s preference to appoint an experienced diplomat to the post during a “critical moment.”

Treasury officials were also named as having signed the agreement to establish the investment fund; the State Department spokesperson framed the initiative as both economic and strategic, saying reinvested profits would support reconstruction in Ukraine.

Reporters asked about Russian reactions to the fund and whether the arrangement signaled a broader political message. The spokesperson declined to frame the fund primarily as a statement about Russia, and said the arrangement is intended to strengthen Ukraine by bringing private capital to reconstruction.

The department did not provide a timeline for when money would flow through the fund, how projects would be selected, or the detailed governance structure for reinvestment; those implementation details and any required approvals were not specified during the briefing. The spokesperson said further details would be provided as they become available.

Officials framed the effort as part of wider diplomatic engagement to advance a negotiated end to hostilities and follow-on rebuilding. The announcement included no binding congressional action disclosed at the briefing and did not specify veteran program names, project budgets, or implementing partners.