Norway plans €100 million investment program for Ukraine's defense industry
Norway's government has proposed allocating 1 billion Norwegian kroner (approximately €100 million) over three years to support investment in Ukraine's defense industry and attract additional private capital from Norwegian businesses.
The funding would come from the military component of Norway's Nansen Support Program for Ukraine, according to a government announcement on November 3.
The state-owned investment company Investinor would manage the program, investing through funds operating in Norway that finance Ukrainian defense manufacturers.
"Ukrainian defense companies are leaders in several areas. Norwegian investments can help the sector develop even faster, while also allowing Norwegian businesses to become more closely involved," Trade and Industry Minister Cecilie Myrseth said.
Finance Minister Jens Stoltenberg said the initiative would combine public and private capital to strengthen Ukraine's defense capabilities.
"A strong defense requires a strong defense industry. It requires capital and investment," Stoltenberg said, adding that Norwegian government funding could mobilize additional private investment in Ukrainian industry and technology.
Defense Minister Tore O. Sandvik emphasized that strengthening Ukraine's defense industry would remain important even after a ceasefire.
"Even after a ceasefire, this effort will contribute to deterrence," he said.
Sandvik also described investment in Ukraine's defense sector as an investment in European and Norwegian security, warning that a Russian victory through military force would increase the risk of further aggression against other countries.
Norway has also recently announced €54 million in support for Ukraine's energy sector, including efforts to restore generating capacity, expand renewable energy production and improve the resilience of the country's power grid.