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Denmark to allocate around $450 million for Ukraine's reconstruction, energy sector

by Kateryna Denisova and The Kyiv Independent news desk April 23, 2024 9:20 PM 2 min read
Ukraine's Economy Minister Yulia Svyrydenko and Denmark's Enterprise Minister Morten Bodskov on are signing memorandum on April 23, 2024. (Ukraine's Economy Ministry)
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Copenhagen will allocate around 420 million euros ($450 million) to Kyiv as part of a memorandum of understanding on long-term cooperation and reconstruction signed on April 23, Ukraine's Economy Ministry reported.

About 40 million euros ($43 million) will be devoted to support the private sector involved in Ukraine's reconstruction and another 380 million euros ($407 million) will support critical infrastructure using renewable energy, according to the document.

The funding will be allocated to Denmark's Export and Investment Fund, aimed at reduction of the financial risks companies involved in Ukraine's reconstruction might face.

Copenhagen, one of Kyiv’s key supporters throughout Russia’s full-scale invasion, has recently announced a new $313 million military aid package for Kyiv.

Ukraine and Denmark also agreed to strengthen cooperation in shipbuilding, development and restoration of seaport infrastructure, the statement read.

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"This could include support for the development and reconstruction of critical and maritime infrastructure, such as harbors, which are crucial in the current geopolitical situation and for the export of Ukrainian goods to global markets," Economy Minister Yuliia Svyrydenko said.

Earlier in the day, President Volodymyr Zelensky met with the Danish Enterprise Minister Morten Bodskov.  

"We are counting on Denmark's help in finding additional air defense systems for Mykolaiv Oblast," Zelensky said.

Copenhagen has prioritized specifically restoring the southern city of Mykolaiv and the surrounding region as part of its policy of support to Ukraine, devoting 60% of its development aid to the region. Russian attacks on Mykolaiv have reportedly caused at least $2.9 billion in damages as of early April.

According to the Kiel Institute for the World Economy (IfW Kiel), which tracks international aid for Ukraine, Denmark is the fourth largest provider of military aid to Kyiv, committing around 8.4 million euros ($9 billion) as of January 2024.

At 2.3% of GDP, Denmark is the second largest provider of military aid in terms of percentage of GDP.

Minister: Denmark first to buy military aid for Ukraine from Ukrainian manufacturer
Denmark has become the first country to buy weapons and equipment for Ukraine’s Armed Forces from a domestic manufacturer as part of a military aid package, Strategic Industries Minister Oleksandr Kamyshin announced on April 18.
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