Norway to Invest €86 Million in Ukraine’s Defense Industry
Norway is allocating approximately €86 million to encourage Norwegian businesses to invest in Ukraine.
The financial mechanism aims to mobilize Norwegian private capital for investment in Ukraine’s defense industry, the Norwegian government said.
“Ukrainian defense companies are at the forefront in many areas. Norwegian investments could help Ukraine’s defense sector develop even faster, while also allowing relevant Norwegian businesses to play a more active role in its development,” said Minister of Trade and Industry Cecilie Myrseth.
The government has proposed allocating about €86 million over three years. The funds will be provided as part of Norway’s military support to Ukraine.
The state-owned investment company Investinor will manage the program. It will focus on supporting various funds operating in Norway that invest in Ukraine’s defense industry.
“Strong defense requires a powerful defense industry, which in turn requires capital and investment. Funding from the Norwegian government will help mobilize private resources to develop Ukraine’s industry and technology,” Finance Minister Jens Stoltenberg emphasized.
He added that the partnership between public and private capital would provide Ukraine with everything it needs to defend itself.
According to Defense Minister Tore O. Sandvik, the program will deepen cooperation between the two countries’ defense industries. It is important not only for Ukraine but also for Norway’s own security interests.
Joint Projects with Norway
Ukraine and Norway are also working on three joint defense projects.
The first project aims to protect Ukrainian cities and infrastructure from Russian attacks involving Geran-type strike drones.
The president has decided not to disclose details of the second joint project until it is fully implemented.
The third defense project between the two countries focuses on strengthening air defense capabilities and providing satellite communications.
Source: Defence Blog
