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Denmark to set up $1 billion Ukraine fund

by The Kyiv Independent news desk March 15, 2023 12:10 PM 1 min read
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The Danish government and the parliament's majority have agreed to allocate an additional seven billion DKK (about $1 billion) in civil, defense, and economic aid for Ukraine, according to a press release published by the Danish Finance Ministry.

The majority of the funds will be spent on military assistance consisting of weapons, other military equipment, and training efforts, the ministry wrote on March 15.

Using the newly created fund, Copenhagen will also provide Ukraine with humanitarian aid, help the country with long-term reconstruction and support the business initiatives allowing Danish companies to contribute to Ukraine's recovery.

"Ukrainians are fighting not only for their own freedom but also for the security of the whole of Europe. With the Ukraine Fund, we are taking Danish support to a new level," Denmark's Foreign Minister Lars Løkke Rasmussen said.

"This applies not least to the business sphere. Danish companies can supply many things that Ukraine lacks, such as drinking water, district heating, and food. That's why we have to step up our efforts."

Except for the money intended to be spent this year, Denmark also set aside funds for the next several years that could help cover the cost of replacing military equipment donated to Ukraine in 2022-2023.

According to the country's Acting Minister of Defense, Troels Lund Poulsen, Denmark has until now supplied Ukraine with 5 billion DKK (about $721 million) in military assistance, with the new fund aiming to maintain a high level of support.

"It must make a real and noticeable difference for Ukrainians. Their struggle is also our struggle," said Poulsen.

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