Norway to allocate over US$23 million for investments in Ukraine

The Norwegian government has intended to allocate about US$23.6 million (NOK 250 million) for investments in Ukraine.

As reported by the Ukrainian Ministry of Economy, the Norwegian government has authorised the Norwegian Investment Fund for Developing Countries (Norfund) to invest in Ukraine. The capital provided by Norfund will help reduce risks for companies, including Norwegian ones, investing in Ukraine.

"Attracting private capital is crucial for supporting reconstruction and recovery projects," said Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine.

The funding will be provided under the Nansen Support Programme for Ukraine. The Norwegian government also plans to continue this initiative in the coming years.

Norway has granted Ukraine a licence for the production of 155mm shells and has agreed to finance the process.