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Ukraine to receive $2.1bn in soft loans from South Korea for recovery projects - Minister of Economy of Ukraine

2 April, 2024 Tuesday
20:24

Ukraine will receive $2.1 billion in concessional loans from the Economic Development and Cooperation Fund (EDCF) established by the Republic of Korea over the next five years. They will be used for recovery projects

This was announced by the First Vice Prime Minister of Ukraine - Minister of Economy of Ukraine Yulia Svyrydenko, the press service of the Ministry of Finance reports.

The Ukrainian and South Korean governments approved the relevant framework agreement at a meeting on April 2.

"Another step has been taken towards finalizing all the necessary internal procedures and starting the practical implementation of agreements with our Korean friends. Ukraine or a resident of Ukraine who receives a state guarantee will be able to attract concessional loans from the EDCF. The funds will be used for the purchase of equipment and for reconstruction projects," said Svyrydenko.

The Ministry of Finance explains that under the terms of the Framework Agreement on Concessional Loans from the EDCF, the government of Korea allows the borrower to receive a maximum amount of obligations not exceeding $2 billion 100 million for 2024-2029 to finance EDCF loan projects in Ukraine.

"According to the agreement, at the first stage, such loans can be raised for the supply of equipment. Starting from 2025, it will be possible to attract infrastructure loans for reconstruction," the ministry added.

  • On March 29, the Ministry of Finance of Ukraine reported that in March 2024, it attracted about $9 billion in external financing from international partners.
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