Norway Puts $95.9 Million Behind Ukraine’s Defense Industry—And Wants Private Capital to Follow

Norway will allocate NOK 1 billion ($95.9 million) over three years to mobilize private Norwegian investment in Ukraine’s defense industry, the Norwegian government announced on November 3.

The funding will come from military support already allocated under the Nansen Support Programme for Ukraine and will be managed by the state-owned investment company Investinor.

“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,” Minister of Industry and Commerce Cecilie Myrseth stated.

The scheme will target investment funds operating in Norway that invest in Ukraine’s defense industry, with the government seeking to use public financing to attract additional private capital.

“A strong defence requires a strong defence industry. And this requires capital and investments,” Finance Minister Jens Stoltenberg stated. “Funding provided by the Norwegian Government can mobilise Norwegian private capital for investments in Ukrainian industry and technology.”

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War in Ukraine

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Defense Minister Tore O. Sandvik emphasized that strengthening Ukraine’s defense industry would remain important even after a ceasefire.

“Even after a ceasefire has been reached, these efforts will enhance deterrence,” Sandvik stated. “This initiative will also help to further develop cooperation between the Norwegian and Ukrainian defence industries.”

Norway has linked its support for Ukraine to broader European security, arguing that Ukraine’s ability to defend itself directly affects Norway and the rest of Europe. The government also reaffirmed that it will continue long-term assistance through the Nansen Support Programme .

Ukraine has also previously urged Norway to help reduce the risks facing companies investing in the country. On November 3, Prime Minister Serhii Koretskyi called on Oslo to become a key contributor to a new war-risk insurance mechanism designed to support greater private-sector investment in Ukraine.

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