This year, the Norwegian government will direct about NOK 250 million (€21.4 million) to the “Norfund” fund for investments in Ukraine. Funds will be allocated within the framework of the Nansen Support Program in Ukraine.
This was reported by the Ministry of Economy of Ukraine.
The capital provided by “Norfund” will reduce risks for companies investing in Ukraine, particularly Norwegian companies. The government also plans to continue this initiative in the coming years.
Involvement of private capital is absolutely necessary to support reconstruction and restoration projects, noted the First Deputy Prime Minister, the Minister of Economy of Ukraine Yuliya Svyridenko.
According to her, this decision of the Norwegian government not only paves the way for the “Norfund” investments, but also supports the Ministry of Economyʼs implementation of the general strategy of attracting public and private investments of up to €40 billion in cooperation with international financial organizations and development agencies.
According to the Minister of International Development of Norway Anne Beate Christiansen Twinreim, “Norfund” has experience of working in markets with high risks, so it will be an important tool for attracting private sector investments in recovery projects. In particular, this will help to reduce the gap between Ukraineʼs urgent reconstruction needs and the amount of available financing.
- The Nansen Support Program is a Norwegian civil and military support program worth NOK 75 billion for the period 2023 to 2027. The distribution between civilian and military support is determined annually based on Ukraineʼs needs.
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