Treasury secretary Scott Bessent said in a video posted to X that "this partnership allows the United States to invest alongside Ukraine, to unlock Ukraine's growth assets, mobilise American talent, capital and governance standards that will improve Ukraine's investment climate and accelerate Ukraine's economic recovery".
Ukraine's economy minister Yulia Svyrydenko confirmed to the Associated Press that the deal has been signed in Washington.
In a post on X, she said: "Together with the United States, we are creating the fund that will attract global investment to our country."
Ukrainian Prime Minister Denys Shmyhal said: "Truly, this is a strategic deal for the creation of an investment partner fund.
"This is truly an equal and good international deal on joint investment in the development and restoration of Ukraine between the governments of the United States and Ukraine."
Trump indicated in February that he wanted access to Ukraine's rare earth materials as a condition for continuing US support in the war, describing it as reimbursement for the billions of dollars in aid the US has given to Kyiv.
But talks stalled after a tense Oval Office meeting of US and Ukrainian leaders, and reaching an agreement since then has proven difficult and strained relations between Washington and Kyiv.
Bessent said during a cabinet meeting at the White House that the Trump administration was ready to sign a deal, but that there was still work to do.
"The Ukrainians decided last night to make some last-minute changes," Bessent said when asked about reports that Ukraine was ready to agree to the pact.
"We're sure that they will reconsider that. And we are ready to sign this afternoon if they are."
He did not elaborate as to the late changes he said Ukraine had made.
The US is seeking access to more than 20 raw materials deemed strategically critical to its interests, including some non-minerals such as oil and natural gas.
Among them are Ukraine's deposits of titanium, which is used for making aircraft wings and other aerospace manufacturing, and uranium, which is used for nuclear power, medical equipment and weapons.
Ukraine also has lithium, graphite and manganese, which are used in electric vehicle batteries.
For Ukraine, the deal is seen as possibly key in getting future military aid from the US.
The Ukrainian cabinet approved the agreement on Wednesday, empowering Svyrydenko to sign it in Washington.
Once signed by both sides, the deal would need to be ratified by the Ukrainian parliament before it could take effect.
In Moscow, a senior Kremlin official said on Wednesday that clinching a deal to end the Russia-Ukraine war "is far too complex to be done quickly", as the US labours to bring momentum to peace efforts and expresses frustration over the slow progress.
The negotiations come amid rocky progress in Washington's push to stop the war.
Russian President Vladimir Putin backs calls for a ceasefire before peace negotiations, "but before it's done, it's necessary to answer a few questions and sort out a few nuances," Kremlin spokesman Dmitry Peskov said.
Meanwhile, a night-time Russian drone attack on Kharkiv, Ukraine's second-largest city, wounded at least 45 civilians, officials said.
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