Ukraine proposed to Norway to become one of the key donors to the war risk insurance fund, which should help attract private investment into the Ukrainian economy. The initiative was discussed by Ukrainian Prime Minister Serhiy Koretskyi and Norwegian Finance Minister Jens Stoltenberg during a meeting on November 3.
Koretskyi reported this on social network X. Details of the negotiations were also published by the Cabinet of Ministers of Ukraine.
According to the head of government, creating the fund will expand business insurance opportunities against the consequences of war and stimulate new investment projects. Koretskyi proposed that Norway take part in financing this initiative, and that Norwegian companies invest more actively in Ukraine.
At the same time, the specific amount of a possible Norwegian contribution has not yet been determined. The parties did not report any agreement on financing the fund.
The initiative to create the fund has been discussed by the Ukrainian government for several months. Back in September, Koretskyi stated that more than $1 billion is planned to be allocated in the 2027 state budget draft for war risk insurance.
The government expects to attract additional funds from international partners to increase the amount of available insurance coverage. Such a mechanism should help companies protect investments and restore operations after Russian attacks.
The Prime Minister previously noted that international partners are ready to support this initiative provided the Ukrainian state participates financially. The government is coordinating the model of the future fund with business representatives.
Separate attention at the meeting with Stoltenberg was paid to Ukraine's financial needs for 2027. Despite already confirmed international assistance, a significant portion of the country's expenditures remains without secured financing.
According to Koretskyi's estimate, Ukraine's uncovered needs for next year amount to €70 billion. Of this amount, €30 billion is needed to support the state budget, and another €40 billion to finance off-budget needs of the Defense Forces.
The Prime Minister emphasized that Ukraine can secure such volumes of financing only with the joint support of international partners.
The parties also discussed further assistance to Ukrainian energy, which is subjected to large-scale Russian attacks, and opportunities for additional financing of the defense sector.
In 2027, Norway plans to allocate about €9 billion to Ukraine within the Nansen program. The program provides long-term civilian and military support to Ukraine.
In addition, on November 3, the Norwegian government announced its intention to invest 1 billion Norwegian kroner, or about $107 million, in funds working with the Ukrainian defense industry. It is expected that state investments will help attract additional private capital.
This investment initiative is separate from the discussed war risk insurance fund.
Following the meeting, Koretskyi thanked Stoltenberg, the Norwegian government and Prime Minister Jonas Gahr Støre for their consistent support of Ukraine.
Further parameters of the war risk insurance fund, including its funding volume, composition of participants and timing of full launch, have not yet been approved.
