Denmark establishes $1 bln fund to aid Ukraine

Denmark establishes $1 bln fund to aid Ukraine

Denmark's government said on Wednesday it will establish a fund of 7 billion Danish crowns ($1.01 billion) for military, civilian and business aid to Ukraine this year

Denmark will set up a $1 billion fund for aid to Ukraine in 2023, the Danish government announced on Wednesday, March 16, following agreement by almost all parties in Parliament.

Western nations have pledged a steady flow of support to Ukraine since Russia's invasion a year ago.

"The government has agreed to establish a fund for Ukraine with a total framework of around seven billion kroner [$1 billion] in 2023," the Finance Ministry said in a statement, a project supported by 159 of 179 members of Parliament.

Some development aid will be redirected to pay for the initiative, as well as an easing of financial policy. The aid will be three-pronged, with the biggest chunk being military aid of around 5.4 billion kroner in 2023.

Civilian aid for humanitarian and long-term reconstruction efforts will receive around 1.2 billion kroner, while 400 million kroner will go to business initiatives.

"We can't wait for the last shot to be fired," Foreign Minister Lars Lokke Rasmussen told reporters.

In addition, the government will allocate funds in 2024-2027 to cover the cost of replacing the military aid given to Ukraine in 2022 and 2023, the government said.

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