Ministry of Economy of Ukraine
Ukraine and Denmark sign the Memorandum of Understanding on long-term cooperation and reconstruction of our country
26.04.2024 | 15:23 | Section for Public and Mass Media Relations
Ukraine and Denmark have signed the Memorandum of Understanding on long-term cooperation and reconstruction of Ukraine. This document provides for the Danish government to allocate about EUR 40 million to support the private sector involved in Ukraine’s reconstruction, as well as EUR 380 million to support critical infrastructure using renewable energy. The memorandum was signed by First Deputy Prime Minister - Minister of Economy of Ukraine Yuliia Svyrydenko on behalf of Ukraine and by Minister for Industry, Business and Financial Affairs of Denmark Morten Bødskov on behalf of Denmark. The ceremony took place on 23 April 2024.
“I would like to thank the Government of Denmark for supporting Ukraine’s recovery and resilience. We recognize the need to further strengthen commercial ties between Danish and Ukrainian businesses to support the Ukrainian economy and business community. The Memorandum we have signed provides for the cooperation with the private sector through the established Ukraine Facility mechanism with a system of loans and guarantees under the Export and Investment Fund of Denmark (EIFO), which is part of the Danish-Ukrainian Fund aimed at reducing financial risks faced by companies involved in the reconstruction of Ukraine,” Yuliia Svyrydenko explained.
According to the agreement, the Danish government will channel new financing to the EIFO, facilitating new investment opportunities of at least DKK 300 million (approximately EUR 40 million). This will bring the total package of the fund to DKK 1.3 billion, or EUR 170 million.
In addition, the parties will facilitate a dialogue between Danish funds and relevant Ukrainian partners to support further cooperation in rebuilding Ukraine. The two governments also agreed to promote meetings between Danish and Ukrainian businesses, in particular through the Ukrainian Investment Forum, as well as to support the creation and implementation of loan and guarantee mechanisms aimed at providing aid to Ukraine.
“Ukraine’s fight for freedom is our fight for freedom. We must continue to support your country. And Danish business has repeatedly shown what it is made of. We must not allow Putin’s attacks to prevent us from investing in rebuilding a free Ukraine. Our cooperation has already been fruitful, but now we will make it even stronger, so that Danish knowledge and innovations can benefit Ukrainians and help you rebuild your country,” Morten Bødskov emphasized.
Special attention will be paid to the green transformation of the economy and the implementation of innovative solutions in the field of critical infrastructure, where Denmark has a leading position in the global market. In particular, to support critical infrastructure using renewable energy, the Danish government will allocate additional funding to the Ukrainian EIFO Mechanism in the amount of DKK 2.85 billion (approximately EUR 380 million).
Ukraine and Denmark will also strengthen cooperation in shipbuilding, development and reconstruction of seaport infrastructure.
“The maritime sector is a strong position for Denmark, as there is significant potential for attracting Danish companies to the Ukrainian maritime sector. Among other things, this could include support for the development and reconstruction of critical and maritime infrastructure, such as harbours, which are crucial in the current geopolitical situation and for the export of Ukrainian goods to global markets both today and in the future. Denmark has a significant strong position in this area and is thus capable of offering much-needed support to Ukraine,” Yuliia Svyrydenko said.
The two governments will also explore opportunities for further cooperation between Danish companies and Ukraine in shipbuilding related to naval capabilities. This may include Ukraine’s participation in the development of Danish patrol vessel designs with the possibility of concluding a future procurement agreement.
The Memorandum also refers to the support and development of cooperation and business partnerships between Danish and Ukrainian businesses in the critical infrastructure and maritime industries, as well as in the broader field of business, industry and entrepreneurship.
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