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Finland to increase aid to Ukraine in 2024

Finland to increase aid to Ukraine in 2024 Illustrative photo (Getty Images)

The Finnish government has submitted a proposal to the parliament to amend the 2024 budget, which includes an increase in aid to Ukraine, according to the press service of the Finnish government.

The government proposes to increase the maximum limit for the purchase of material assets for the Ukrainian Armed Forces for the period 2024-2028 by €95.7 million. This increase aims to cover the costs of replacing the equipment of the 19th set for Ukraine.

The budgetary implications for 2024 will amount to €20.7 million, resulting in an increased budget ceiling of €1,451 million.

As part of the preparation for Finland's national reconstruction plan for Ukraine, financial decisions have been made to facilitate the participation of Finnish companies in Ukraine's recovery.

In this context, there is a proposal to increase the capital of Finnfund by a targeted €25 million for investments and loans in Ukraine. Simultaneously, the proposal allows the state to provide compensation guarantees under the Industrial Cooperation Fund Law, covering 80% of the investment cost, but not exceeding €20 million.

The government also proposed parliamentary approval for the Ministry of Employment and the Economy of Finland to compensate credit losses for export guarantees provided to support exports and investments in Ukraine, up to a maximum of €50 million.

Finland's Assistance to Ukraine

Finland has been providing military and humanitarian aid to Ukraine since the start of the full-scale Russian military aggression.

Earlier, the Finnish government tasked the development of a plan for the country's participation in Ukraine's recovery.

It was also reported in August that Finnish President Sauli Niinistö, at the government's recommendation, approved the decision to provide the 18th package of military assistance to Ukraine.

Finland is also exploring the possibility of manufacturing Patria armored personnel carriers in Ukraine