Denmark to set up Ukraine support fund of over $1 bln to finance mostly military needs

MOSCOW. March 15 (Interfax) - The Danish government will institute a Ukraine support fund in the amount of 7 billion Danish crowns (DKK, about $1.01 billion) in 2023, the Danish government said in a statement.

"The situation in Ukraine is extremely serious and the need for significant support is acute. [...] Therefore, the government has combined forces with a broad majority in the Danish Parliament to set up a fund of approximately DKK7 billion in 2023," Ukrainian media quoted the Danish Finance Ministry's statement published on its official website.

The fund will be comprised of three sections.

The biggest part, worth about DKK5.4 billion in 2023, will be designed to aid Ukraine with weapons and other military equipment and to train its military personnel.

Another DKK1.2 billion from the fund should be spent on civilian support addressing urgent humanitarian problems and long-term reconstruction.

Yet another DKK0.4 billion would finance business initiatives enabling Danish companies to contribute to Ukraine's recovery.

The Danish Foreign Ministry intends to redouble its efforts "to help Danish companies enter the Ukrainian market and increase the funding for creating better conditions for Danish companies' risky investments in Ukraine," the statement says.

The official exchange rate is $1/DKK6.9397.