Austria’s Ministry of Finance has announced the creation of a special fund that will allocate up to €500 million over the next five years to support exports to Ukraine.
The Austrian Finance Ministry and the export credit agency OeKB have set up the fund. According to the statement, securing funds from international financial institutions could increase the total financing to €1 billion.
Ukraine will receive nearly €100 million annually to support new business ventures. The funding will also allow Austrian exporters to invest in reconstruction projects in Ukraine.
Given that funds are limited and the goal is to achieve broad risk diversification, including in the supported areas, small and medium-sized deals in the public sector based on a state guarantee will be possible as the program’s first step.
“It will allow us to make vital investments for Ukraine. The provision of drinking water and heat, restoration of the transport sector, including roads, bridges, and railway infrastructure, and signing supply deals and investments such as joint workshops for buses, trams, and trains are among the projects,” said Austrian Finance Minister Magnus Brunner.
Applications for projects under the Ukraine Fund can be submitted to OeKB starting mid-May 2024.
This month, Austria announced an additional €10 million in humanitarian aid for Ukraine and Moldova. This latest contribution brings Austria’s total state assistance to more than €250 million since the invasion began.
Austria’s total Ukraine humanitarian aid surpasses €250 million with new €10 million
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