Denmark and Ukraine sign €420 million agreement to rebuild and support Ukraine's energy sector

Ukraine and Denmark have signed a Memorandum of Understanding on cooperation and reconstruction of Ukraine. This was reported by the Ministry of Economy of Ukraine, UNN reports.

Details

On April 23, 2024, the Ukrainian and Danish governments officially signed a Memorandum of Understanding on long-term cooperation and reconstruction of Ukraine. The document provides for the allocation of about EUR 40 million to support the private sector and EUR 380 million to support critical infrastructure using renewable energy.

The First Vice Prime Minister and Minister of Economy of Ukraine Yulia Svyrydenko and the Danish Minister of Enterprise Morten Bedskou signed a memorandum of understanding on cooperation with the private sector through the Ukraine Facility. This mechanism, of which the Export Investment Fund of Denmark (EIFO) is a part, is aimed at reducing financial risks in the reconstruction of Ukraine.

I would like to thank the Danish Government for supporting Ukraine's recovery and resilience. We see the need to further strengthen commercial ties between Danish and Ukrainian businesses to support the Ukrainian economy and business community. The Memorandum we have signed envisages cooperation with the private sector through the established Ukraine Facility mechanism with a system of loans and guarantees under the Danish Export Investment Fund (EIFO), which is part of the Danish-Ukrainian Fund aimed at reducing the financial risks faced by companies involved in the reconstruction of Ukraine

The Danish government will also increase funding to the EIFO, facilitating new investment opportunities, up to a total of DKK 1.3 billion.

The Danish side will also support the dialogue between the foundations and Ukrainian partners to support further cooperation.

In addition, 2.85 billion Danish kronor is to be allocated for the development of critical infrastructure, especially renewable energy.

The cooperation will also cover shipbuilding and the development of the maritime industry.

The maritime sector is a strong position for Denmark, as there is considerable potential for Danish companies to be involved in the Ukrainian maritime sector. Among other things, this could include support for the development and reconstruction of critical and maritime infrastructure, such as harbors, which are crucial in the current geopolitical situation and for the export of Ukrainian goods to global markets, both now and in the future. Denmark has significant strengths in this area and is thus well positioned to offer much needed support to Ukraine

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