Agencies
Norway has announced a new investment package worth NOK 1 billion (approximately US$107.6 million) to strengthen Ukraine’s domestic defence industry, as European countries continue expanding support for Kyiv amid its ongoing war with Russia.
The Norwegian government announced the initiative on November 3, 2026, saying the funding would be used to attract additional private investment into Ukrainian defence companies and technology development.
The three-year financial programme will be managed by Investinor, Norway’s state-owned investment company, which will channel government contributions into investment funds operating in Norway and targeting Ukraine’s defence industry.
According to the Norwegian government, the initiative is designed to combine public funding with private capital to increase investment in Ukrainian companies involved in developing and producing defence equipment and technologies.
Norwegian Finance Minister Jens Stoltenberg said government contributions could help mobilise private Norwegian investors and strengthen Ukraine’s industrial and technological capabilities.
He emphasised that a strong defence sector requires sustained investment, adding that cooperation between public and private investors could help Ukrainian companies expand production and innovation.
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Defence Minister Tore O. Sandvik said developing Ukraine’s domestic defence industry was important not only for Kyiv’s military capabilities but also for Norway’s and Europe’s wider security interests.
The government explained that the funding would come from the military assistance already allocated under Norway’s Nansen Support Programme for Ukraine, rather than representing an entirely separate aid commitment.
Under the arrangement, Investinor will determine which eligible investment funds receive government contributions and how much each fund will receive. Private fund managers will then make decisions on the companies in which they invest.
The programme could eventually expand to include direct investments in Ukrainian companies alongside investments through private funds.
Ukraine has increasingly focused on developing its domestic defence manufacturing capacity since Russia launched its full-scale invasion in February 2022. The country has expanded production in areas including drones, electronic warfare systems, ammunition and other military technologies.
The development of local manufacturing is intended to reduce dependence on foreign weapons supplies, improve the availability of military equipment and strengthen the country’s ability to sustain its defence operations.
For Norway, the new investment scheme represents another component of its long-term support for Ukraine, combining military assistance with industrial development and private-sector participation.
The announcement comes as European governments continue debating how to maintain financial and military assistance to Kyiv while strengthening their own defence industries and security capabilities.
Norway’s latest commitment also highlights the growing importance of defence technology investment in the European response to the Russia-Ukraine conflict, with industrial capacity increasingly viewed as a critical part of long-term national and regional security.
