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The donation will go towards two major building projects that are being undertaken by the Foundation, a charity created and headed by the wife of President Volodymyr Zelensky.
Lord Ashcroft is making the donation as part of his on-going support for Ukraine. He has met the First Lady twice this year, first in London and later in Kyiv.
During their meetings, the First Lady outlined some of the work that her Foundation has carried out in the fields of health care, education and humanitarian aid since it was launched two years ago.
The First Lady said: "The Olena Zelenska Foundation was established two years ago in response to the daily pain of Ukrainians. We wanted to give them back a normal and decent life that was ruined by the Russian attack - the ability to get treatment, to study, to have a roof over their heads.
"I am glad that we find like-minded people in different countries who help us with this, who care. Lord Ashcroft is just such a person. He understands that this is not just about Ukraine now, but about the whole world. It is about preserving humanity and justice in it. Helping the victims of attack and aggression, being on their side is the foundation of civilization. Doing everything to reduce suffering is the fundamental value of modern humanity.
"I am incredibly grateful to the Lord and to everyone who not only shares these values, but personally brings them to life. After all, he is improving not only Ukrainian life, but the whole world."
Lord Ashcroft said: "I am delighted to be making this donation to the Olena Zelenska Foundation. These are desperately difficult times for Ukraine and I urge everyone to do what they can to support the country in its hour of need.
"The more I have discovered about the Foundation from the First Lady, the more impressed I have been by its wonderful work. However, there is so much more that needs to be done in terms of reconstruction because Russia has relentlessly targeted Ukrainian cities, towns and villages with little or no regard for the lives and welfare of their civilians."
The exact size of the donation is US $1.7 million, nearly £1.3 million. Part of this money, US $200,000, will go towards funding a project in Lviv that is nearly completed. A laboratory is being constructed at the Lviv Children's Medical Center, which specialises in the treatment of children with diseases and disorders.
Each year the medical centre treats some 18,000 children, 3,000 of whom have serious illnesses. However, in the immediate aftermath of the Russian invasion of February 24 2022, the medical centre became a hub for the treatment of critically-ill children from all over Ukraine.
The main bulk of the new donation, US $1.5 million, will go towards funding the Children's Creative and Sports Center in Borodianka, near Kyiv.
The rural settlement was under Russian occupation for 38 days during February and March 2022 and, before Ukraine regained control of the area, two separate buildings in Borodianka were largely destroyed: the Children and Youth Creativity Centre and the Children and Youth Sports Centre.
The 40 clubs and groups that used the centres for the likes of basketball, boxing, volleyball, football and choreography have continued to hold their activities in schools and centres but last year the Foundation decided to finance the building of a new centre. The project, which is also being funded by a significant donation from the Temerty Foundation, is due to be completed in 2026.
Lord Ashcroft has visited Ukraine eight times since the start of the all-out war, travelling to a host of cities on or near the frontline, including Kharkiv, Kherson, Mykolaiv, Zaporizhzhia, Kramatorsk, Slovyansk, Izium and Lyman.
He has already funded several projects in Ukraine, particularly in Odesa, where he is the lead sponsor of an annual security summit. He has also paid for supplies of medical equipment, winter clothing and other goods for Ukraine.
Lord Ashcroft interviewed the First Lady in Kyiv last month for a major newspaper article and YouTube film. During their interview at the Office of the President, the First Lady spoke passionately about her work, including for the Foundation.
The First Lady said: "When the war commenced, I realised that, through my contacts, my trips abroad, the fact I can talk to a great number of people outside of our country, I could channel all that to help Ukrainians inside the country."
As a mother of two herself, she has been particularly keen to help children. "I think any conscious adult understands that, first of all, children are the most vulnerable category of people who suffer from war. They are the least protected. And when you see them suffer, it tears your heart."
Later this week, on September 12, the First Lady will host the Fourth Summit of First Ladies and Gentlemen in Kyiv, when the main theme for the gathering will be "Protecting Childhood: Ensuring a Safe Future".
• Lord Ashcroft KCMG PC is an international businessman, philanthropist, author and pollster. For more information on his work, visit lordashcroft.com. Follow him on X/Facebook @LordAshcroft.
• Olena Zelenska is the First Lady of Ukraine. For more information on the Olena Zelenska Foundation and/or to donate to her charity visit: zelenskafoundation.org.