Kyiv: A newly signed US-Ukraine Reconstruction Investment Fund marks an important milestone in the strategic partnership between Washington and Kyiv to strengthen Ukraine's economy and security, Foreign Minister Andrii Sybiha said after a call with EU foreign policy chief Kaja Kallas.

According to Anadolu Agency, Sybiha highlighted the deal's significance in the call ahead of major international events and emphasized coordination between Ukraine and the EU. The officials also discussed recent initiatives to secure 'a fair and lasting peace,' Sybiha noted, adding that both sides exchanged updates on a planned EU delegation visit on May 9.

Sybiha expressed gratitude to the EU for its solidarity and steadfast support. The announcement of this investment fund follows a critical minerals deal signed between the US and Ukraine after months of negotiations.

Under the agreement, the United States-Ukraine Reconstruction Investment Fund is set to be established. The US Treasury Department stated that the economic partnership would allow the two nations to collaborate on accelerating Ukraine's economic recovery, underscoring Washington's significant financial and material support to Kyiv since the onset of the conflict with Russia in 2022.

Ukraine's Economy Minister Yulia Svyrydenko explained that the fund would be employed in projects related to the extraction of useful fossil fuels, oil and gas, as well as in infrastructure or recycling projects, which will be jointly determined by the two countries.