Norway expects to allocate NOK 250 mln for Norfund’s investments in Ukraine
21.10.2024 | 15:29 | Section for Public and Mass Media RelationsThe Norwegian Government has authorized Norfund to invest in Ukraine. The funds will be allocated under the Nansen Support Programme for Ukraine.
The Norwegian Government has authorized Norfund, the Norwegian Investment Fund for Developing Countries, to invest in Ukraine. The capital provided by Norfund will help reduce risks for the companies investing in Ukraine, including Norwegian companies.
In 2024, the Norwegian Government intends to allocate about NOK 250 mln for Norfund’s investments in Ukraine. The funding will be allocated under the Nansen Support Programme for Ukraine. The Government also expects to continue this initiative in the coming years.
“Attracting private capital is essential to support recovery and reconstruction projects. I am grateful to the Norwegian Government for this decision, which not only paves the way for Norfund’s investment, but also supports efforts of the Ministry of Economy in implementing the overall strategy to attract public and private investment of up to EUR 40 bln in cooperation with international financial organizations and development agencies,” said Yuliia Svyrydenko, First Deputy Prime Minister of Ukraine – Minister of Economy of Ukraine.
Norfund provides equity investments, which involve higher risks than loans and guarantees offered by development agencies and multilateral banks. As an investment fund, Norfund also works to create jobs and support green transition by investing in the companies that promote sustainable growth.
According to Norway’s Minister of International Development, Anhe Beathe Kristiansen Tvinnereim, Norfund has experience in high-risk markets, so it will be an important tool for attracting private sector investment in recovery projects. In particular, it will also help reduce the gap between Ukraine’s urgent reconstruction needs and the amount of available funding.
For reference:
The Nansen Support Programme for Ukraine is a Norwegian civilian and military support programme to the amount of NOK 75 bln for 2023-2027. The distribution between civilian and military support is determined annually according to Ukraine’s needs. In 2023, approximately NOK 19.9 bln of the Nansen Support Programme was distributed: NOK 8.9 bln for civilian and humanitarian support, and NOK 11 bln for military support.
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