‘Ukrainian defence companies are at the forefront in a number of areas. Norwegian investments can help the Ukrainian defence sector to develop even more rapidly, and could also make it possible for relevant Norwegian actors to be more closely involved in developments in the sector,’ said Minister of Industry and Commerce Cecilie Myrseth.

The Government has proposed a financial framework of NOK 1 billion over a three-year period for the new scheme. The funding is to be taken from the military support already allocated under the Nansen Support Programme for Ukraine. The state-owned investment company Investinor will manage the scheme, which will be targeted towards various funds that have activities in Norway and that are investing in the Ukrainian defence industry.

‘A strong defence requires a strong defence industry. And this requires capital and investments. Funding provided by the Norwegian Government can mobilise Norwegian private capital for investments in Ukrainian industry and technology. This partnership between public and private capital will equip Ukraine with more of what it needs to be able to defend itself. And I am pleased that Norway can contribute to this,’ said Minister of Finance Jens Stoltenberg.

‘It is crucial that we help to develop the Ukrainian defence industry. Even after a ceasefire has been reached, these efforts will enhance deterrence. This initiative will also help to further develop cooperation between the Norwegian and Ukrainian defence industries. This is not only important for Ukraine; it is also in the interests of Norwegian security. If Russia succeeds in Ukraine by means of military force, it is more likely to use military force against other countries as well. This is why an investment in the Ukrainian defence industry is also an investment in European and Norwegian security,’ said Minister of Defence Tore O. Sandvik.

Norway’s support to Ukraine is based on Ukraine’s needs and on recognition of the fact that Ukraine’s ability to defend itself has direct implications for European and Norwegian security.

‘Ukraine is dependent on strong, long-term international support if it is to succeed in its efforts to withstand Russia’s aggression, deter future attacks and rebuild. The Government and the parties in the Storting will ensure that Norway continues to do its part to support Ukraine through the Nansen Support Programme,’ said Minister of Foreign Affairs Espen Barth Eide.

  • A scheme is being established to allow for government contributions to Norwegian funds investing in the Ukrainian defence industry, with a financial framework of NOK 1 billion over a period of three years.
  • The scheme will be financed using military support allocated under the Nansen Support Programme for Ukraine and will be organised under the auspices of the Ministry of Industry, Commerce and Fisheries.
  • The scheme will be managed by Investinor.
  • It will be up to the government-designated manager of the scheme to decide which funds to invest in and the amounts to be invested. It will be up to the manager of each private fund to decide which companies to invest in.
  • In the long term, the scheme could also include direct investments in Ukrainian companies, as well as in private funds.