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Danish businesses to receive $43 million to support operations in Ukraine

by Olena Goncharova and The Kyiv Independent news desk April 16, 2024 3:58 AM

(Updated: April 16, 2024 4:37 AM) 2 min read

COPENHAGEN, DENMARK - MARCH 23: The flag of Denmark is pictured during the international friendly match between Denmark and Switzerland at Parken Stadium on March 23, 2024 in Copenhagen, Denmark. (Photo by Stuart Franklin/Getty Images)

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Danish Business Minister Morten Bodskov announced on April 15 that Denmark would allocate DKK 300 million ($43 million) to incentivize Danish companies to invest in projects within Ukraine.

"Ukraine's fight for freedom is our fight for freedom," Bodskov was quoted as saying by Ukraine’s Economy Ministry.

"With the additional funds in the Danish-Ukrainian Fund, we once again emphasize that Denmark supports Ukraine's untiring fight for freedom... These are all very important steps, especially as all the crimes [of Russian dictator] Vladimir Putin require one response: for us to stand even more united with Ukraine," he said during the Ukraine Investment Forum hosted by Denmark.

Yulia Svyrydenko, Ukraine's First Deputy Prime Minister, highlighted that more than 100 Danish companies currently operating in Ukraine. She further emphasized that the Danish-Ukrainian Fund aims to enhance private-sector engagement.

Established by the Danish government in March 2023, the fund aims to stimulate private-sector activity. Svyrydenko noted that this specialized investment fund will support projects integrating top-notch Danish technologies and innovative solutions. It will be accessible to both the public and private sectors.

Denmark has been Ukraine's staunch supporter since Russia's full-scale invasion began in 2022. According to the Kiel Institute for the World Economy (IfW Kiel), which tracks international aid for Ukraine, Denmark has provided almost $9.5 billion to Ukraine, making it the second largest financial backer as a percentage of GDP.

On April 8, Denmark's Foreign Ministry announced $5.8 million in aid for Ukraine's energy infrastructure, which has been suffering from Russian drone and missile strikes.

Authors: Olena Goncharova, The Kyiv Independent news desk

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Danish businesses to receive $43 million to support operations in Ukraine

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