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Finland Sending €92m to Ukraine, Moldova

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Finland is contributing around 92 million euros to an international financing programme to support Ukraine and other countries affected by Russian aggression, the Finnish foreign ministry announced in a press release on Monday.

Earlier this year, the World Bank Group’s International Development Association (IDA) set up a financing programme dubbed the “Crisis Facility” aimed at supporting countries including Ukraine and Moldova that are affected by Russia’s invasion of Ukraine.

Finland’s contribution, 92 million euros, is coming from development cooperation funds administered by the ministry.

Around 62 million of the funds are being allocated to the Support Programme for Ukraine and Moldova recovery — 12 million euros in the form of a grant and 50 million euros as a long-term loan, according to the foreign ministry.

“In addition, Finland will provide EUR 30 million in loans to countries affected by Russia’s aggression to help them prevent the spread of infectious diseases, among other efforts,” the ministry stated in the release.

Critical services

Among other things, the funds will be directed towards fulfilling needs of the health, transport, energy, agriculture, housing and social security sectors, according to the ministry.

Minister for Foreign Trade and Development, Ville Tavio (Finns), said the additional funding shows Finland’s “unwavering support to Ukraine in line with the government programme. We will also support improving food security in countries affected by Russia’’ invasion.”

The ministry said that the funds will help improve access to — and modernise — healthcare services and to improve infrastructure including road and railway networks as well as agricultural activities.

“We must ensure that critical services are functioning despite the war,” Tavio said in the release.

The IDA funds will be primarily used in Moldova to cover costs involved in taking in Ukrainians fleeing the conflict and for programmes to support Moldova’s economic recovery, the ministry explained.

According to the UNHCR, there were more than 118,000 refugees from Ukraine registered in Moldova as pf 1 October. Additionally there were nearly one million border crossings from Ukraine to Moldova since Russia’s broader invasion of Ukraine began in Feburary 2022.

According to its website, “the IDA aims to reduce poverty by providing zero to low-interest loans (called ‘credits’) and grants for programs that boost economic growth, reduce inequalities, and improve people’s living conditions.”

Source: Yle

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