Norway to provide over US$78m in additional economic aid to Ukraine

Norway will provide Ukraine with an additional 750 million Norwegian kroner (about US$78.5 million) to support the functioning of the state amid the full-scale war.

Source: European Pravda, citing a statement by Norwegian International Development Minister Åsmund Aukrust in an interview with VG

Details: Aukrust stated that the funds will help finance the salaries of public sector workers, social payments and infrastructure recovery.

The funding will be directed to the World Bank's SPUR 2 programme to support Ukraine. The Norwegian contribution will increase the amount of credit funds available to Ukraine.

Aukrust noted that every Norwegian krone contributed could secure approximately three kroner in loan financing for Ukraine. Thus, 750 million kroner (about US$78.5 million) could help raise over 2 billion kroner (about US$209 million) in loans.

The mechanism involves Norway providing the initial funding, with the World Bank using its credit capacity to raise funds on the financial markets, which are subsequently provided to Ukraine as loans.

The minister added that the war is being fought on the front line, but it is also fought every day by ensuring the functioning of society, guaranteeing that children can go to school, and ensuring that nurses treating the wounded receive their salaries.

Background:

• At the end of September, it emerged that Norway was increasing its financial support for humanitarian activities regarding Ukrainian children abducted by Russia, arbitrarily detained civilians and prisoners of war, announcing a new contribution of 25 million kroner (€2.3 million).
• It was also reported that Norway will allocate €90 million to the Ukraine Facility programme to promote reforms in the anti-corruption and energy sectors.

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