The Norwegian government will allocate about 250 million Norwegian kroner (more than 21.3 million euros) for Norfund's investments in Ukraine, the Ministry of Economy said on Friday, UNN reports.
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"In 2024, the Norwegian government intends to allocate about NOK 250 million for Norfund's investments in Ukraine," the statement said.
The funding will be allocated under the Nansen Support Program for Ukraine. The government of the country, as indicated, also plans to continue this initiative in the coming years.
It is reported that this will reduce the risks for companies investing in Ukraine, including Norwegian companies.
"Attracting private capital is essential to support reconstruction and recovery projects," said Yulia Svyrydenko, First Vice Prime Minister and Minister of Economy of Ukraine.
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Norfund reportedly provides equity investments that cover 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 the green transition by investing in companies that promote sustainable development.