Sweden to Allocate €522.6 Mln for Projects to Restore Ukraine

Sweden has unveiled a strategy for the reconstruction of Ukraine for the period 2023-2027, in which it pledges to provide up to 6 billion Swedish kronor (more than $577 million USD) to Kyiv.

Johan Forssell, the Swedish Minister for International Development Cooperation and Foreign Trade, made the announcement during a virtual meeting with Yulia Svyrydenko, Ukraine's First Deputy Prime Minister and Minister of Economy, as reported by the Ukrainian news agency "Ukrinform" on Saturday.

This strategy marks the most extensive bilateral development assistance program offered by Sweden, with Ukraine being the beneficiary of this aid.

Yulia Svyrydenko expressed her gratitude, stating, "We greatly appreciate Sweden's commitment to invest 6 billion Swedish kronor in Ukraine's economic development, bringing us closer to victory. This is the first comprehensive strategy to support Ukraine for multiple years adopted by our partners." She further emphasized that the funds would be utilized for infrastructure reconstruction, green development, entrepreneurship, trade, media, and demining efforts. 

She also welcomed the fact that the Swedish government will encourage major companies to invest and develop in Ukraine.

According to Svyrydenko, the private sector plays a crucial role in Ukraine's reconstruction. She emphasized the importance of attracting foreign investments and engaging international companies in reconstruction projects while expanding cooperation with Ukrainian firms.

This significant commitment from Sweden comes as a boost to Ukraine's efforts to recover and rebuild after facing various challenges in recent years. 

The strategic investment aims to bolster Ukraine's economic development, strengthen its infrastructure, and support sustainable initiatives, creating a positive impact on the country's overall growth and stability.