The Verkhovna Rada, Ukraine's parliament, overwhelmingly approved a landmark agreement with the United States on May 8 to establish a joint reconstruction investment fund aimed at attracting global capital for the country's recovery efforts.

Ukraine's Verkhovna Rada voted 338-0 to ratify the bilateral agreement, which was signed in Washington on April 30, according to a live broadcast from the parliament building.

President Zelenskiy’s chief of staff, Andriy Yermak, shared a video on X of the moment the deal was ratified, commenting: “338 votes in favour. A historic vote. This Agreement will make Ukraine stronger.”

Under the terms of the agreement, Ukraine will contribute 50 percent of revenue from new licenses for critical materials and hydrocarbon projects to the fund, while the United States will provide direct financial contributions and additional support.

The US International Development Finance Corporation (DFC) will play a central role in attracting investments from American, European and other international companies and funds. According to the approved framework, all profits generated during the fund's first decade will be reinvested in Ukraine rather than distributed.

The fund is expected to become operational within weeks after two additional regulatory agreements are finalised.

Those two agreements, relating to the legal frameworks that will govern the partnership, have been the subject of a minor controversy in recent days, with MPs complaining that they have not had sight of the documents.

A spokesperson for deputy prime minister Yuliia Svyrydenko attributed the secrecy around the technical agreements to their “not being ready yet”, as reported by Politico Europe.

The deal comes amid Ukraine's continued efforts to secure long-term financial support for its reconstruction, with damage from Russia's invasion estimated at hundreds of billions of dollars.