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Japan allocates $188 million for grant projects for Ukrainian businesses

by Kateryna Hodunova June 18, 2024 12:02 AM 2 min read
A Japanese flag flies outside the Bank of Japan (BOJ) headquarters in Tokyo, Japan, on Thursday, March 14, 2024. (Shoko Takayasu/Bloomberg via Getty Images)
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Ukraine's Economy Ministry, in cooperation with the United Nations Industrial Development Organization (UNIDO), announced on June 17 the launch of a $188 million grant project to transfer Japanese technology to Ukraine.

"This project opens up opportunities for businesses to receive a grant of up to $10 million, and the total project budget is $188 million," the statement said.

The project's primary goal is to support the restoration of the green industry and ensure Ukraine's long-term sustainable development. The initiative funded by Japan also aims to have a social and economic impact and support people affected by the war, the ministry said.

The project includes foreign technology transfer, developing businesses' potential, and creating joint ventures in key industries with added value.

The initiative will consider businesses connected with sustainable energy implementation, digital transformation, med-tech, and agro-tech, among other fields.

Since the start of Russia's full-scale invasion, Japan has contributed around $8 billion to Ukraine in humanitarian and financial assistance, according to the Kiel Institute for the World Economy.

Japan has supported Ukraine's energy sector, which has suffered millions in damage due to Russian attacks, and shares expertise on nuclear safety.

Japan and Ukraine also signed a 10-year bilateral security agreement on the sidelines of the Group of Seven (G7) summit in Italy on June 13.

Japan provides Ukraine with $118 million grant for healthcare, reconstruction
Japan provided Ukraine with $118 million in aid as part of two World Bank projects, Ukraine’s Finance Ministry reported on April 1.

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