A new Norad backed programme will lower investor risks and finance preparatory renewable energy and one health project, boosting private investment in wartime Ukraine.
Norway announced its support for Ukrainian and Norwegian companies to carry out preparatory projects in renewable energy and the supply of medicines, said Foreign Minister Espen Barth Eide.
According to Eide, the program aims to reduce risks for business and stimulate investment in Ukraine amid the war.
He stressed that Ukraine’s energy sector has suffered significant losses, so Norway will support attracting investments in renewable energy and modernization of critical infrastructure; separately, support for one health-sector project is expected.
The funding is being provided under the civil component of the Nansen Support Programme, administered by the Norad agency. Norway has supported business through this initiative for a second year running.
According to UN estimates, total reconstruction needs in Ukraine over the next decade could reach about $588 billion, with losses to energy infrastructure estimated at around 240 billion Norwegian kroner and total losses in the energy sector at about $840 billion.
Financial and Institutional Context
Since 2022, Norway has already provided about 13.7 billion Norwegian kroner to support Ukraine’s energy sector, and a further 2.8 billion Norwegian kroner is planned to be allocated in 2026.
The government also noted that support for business in Ukraine has grown significantly and includes war risk insurance, guarantee mechanisms, and other instruments to attract investments. This assistance underscores Norway’s enduring interest in the recovery of Ukraine’s economy.
This support demonstrates Norway’s sustained interest in rebuilding Ukraine’s economy and partnerships in the energy and health sectors.