South Korea will provide loans to Ukraine, particularly for reconstruction

Ukraine's Ministry of Economy reports.

Ukrainian Minister of Economy Yulia Svyrydenko and Korean Ambassador to Ukraine Kim Hyung-tae signed an agreement on cooperation between the countries and South Korea's assistance in rebuilding Ukraine, as well as loans from the Korea Economic Development Cooperation Fund (EDCF).

The Ministry of Economy reports that at the first stage of cooperation, such loans can be used to supply equipment, and from 2025 it will be possible to use them to rebuild Ukraine's destroyed infrastructure.

"We have to develop our economy without waiting for the war to end. The signed agreement opens the way to obtaining long-term and cheap loans, which, in turn, should help restore production capacity and create new jobs. We look forward to the active participation of Korean business in the recovery of Ukraine, as well as the creation of new technological production facilities in strategically important economic spheres. Ukraine will also benefit from the Korean experience in the post-war reconstruction of the destroyed infrastructure, industrial and civilian facilities," Svyrydenko said.

For reference. The Economic Development Cooperation Fund (EDCF) was established by the Government of the Korean Republic on June 1, 1987, to promote economic cooperation between Korea and developing countries. The Fund provides financial support to partner countries for their industrial development and economic stability.

• During the G20 summit in New Delhi, President of the Korean Republic Yoon Suk Yeol said that his country would provide Ukraine with an aid package totaling $2.3 billion to restore the infrastructure destroyed by the war - $300 million will be allocated for humanitarian needs in 2024 and $2 billion in long-term assistance.