Norway to allocate $107 million to develop Ukraine’s defense industry using military aid under Nansen programme
The Norwegian government plans to allocate 1 billion kroner (about $107 million) to attract private investment in Ukraine’s defense industry. The funding will come from the military component of the Nansen programme, through which the country supports Ukraine.
The Norwegian government announced this, Censor.NET reports.
The programme will run for three years. Public funding is intended to help attract additional private Norwegian capital to Ukrainian defense companies.
The programme will be managed by the state-owned investment company Investinor. Funding will be channelled through funds operating in Norway that invest in Ukraine’s defense industry.
Norwegian Minister of Trade and Industry Cecilie Myrseth said Ukrainian defense companies are already leaders in several fields, and Norwegian investment could accelerate their development and deepen cooperation between companies in the two countries.
Finance Minister Jens Stoltenberg stressed that developing the defense industry requires substantial investment, which is why the government seeks to bring together public and private capital.
"A strong defense requires a strong defense industry. And that requires capital and investment," Stoltenberg said.
Norway explains why investment in Ukraine’s defense industry is important for Europe’s security
Norwegian Defense Minister Tore Sandvik said support for Ukrainian defense production would remain important even after a possible ceasefire.
According to him, developing Ukraine’s defense industry will strengthen Ukraine’s ability to deter new Russian attacks and promote cooperation between defense companies in the two countries.
Sandvik stressed that such investment also serves Norway’s own security interests.
"If Russia succeeds through the use of military force in Ukraine, it will be more likely to use military force against other countries as well," the minister said.
He emphasized that investment in Ukraine’s defense industry is also an investment in European and Norwegian security.
Norwegian Foreign Minister Espen Barth Eide pledged that the country would continue its long-term support for Ukraine through the Nansen programme.
According to him, this assistance is necessary to enable Ukraine to resist Russian aggression, deter future attacks and rebuild the country.
