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Austria establishes fund of €500 million to support investments in Ukraine

Austria establishes fund of €500 million to support investments in Ukraine Archive photo: Austrian Finance Minister Magnus Brunner (Getty Images)

Austria has decided to establish a special fund of 500 million euros to support exports and investments in Ukraine, according to the Austrian Ministry of Finance.

The department noted that Russian aggression in Ukraine makes any business with Ukrainian companies extremely risky for Austrian exporters and investors. Therefore, the Ministry of Finance has created conditions to support Austrian exports to Ukraine.

"The support is provided through a special risk-oriented mechanism for Ukraine. It is envisaged that 500 million euros will be allocated over the next 5 years to cover business in Ukraine," the Ministry of Finance writes.

Around 100 million euros per year will be allocated to the development of new businesses, which will also enable Austrian exporters to help rebuild Ukraine. Finance Minister Magnus Brunner stated that in addition to the domestic economy, the Ukrainian population and economy, in particular, benefit from Austrian export support as Austria actively contributes to the country's reconstruction.

Assistance from Austria

Austria condemns the Russian invasion of Ukraine but refrains from providing military assistance to Kyiv due to its neutrality. However, the country actively assists in the humanitarian sphere.

For instance, in April, Austria decided to allocate 2 million euros to Ukraine for humanitarian projects.