Norwegian Prime Minister Jonas Haar Støre said that his country will increase spending from its National Welfare Fund on military and humanitarian aid to Ukraine.
Reuters writes about it.
Norwayʼs National Welfare Fund is one of the worldʼs largest investors. Its total capital is $1.3 trillion. The fund invests the Norwegian stateʼs income from oil production.
The Prime Minister did not specify how much money Norway will spend on helping Ukraine, but noted that it will be a multi-year commitment. He added that these costs should not affect Norwayʼs domestic economy.
- According to Bloomberg, in 2022 the Norwegian National Welfare Fund spent 14% of funds, or $164 billion. The management of the fund noted that this happened because of global inflation and Russiaʼs war against Ukraine.