The Ministers of Finance of the Republic of Korea and Ukraine, Choi Sang-mok and Serhiy Marchenko, signed in Washington a framework agreement to provide of preferential long-term loans to Kyiv for USD 2.1 billion, the Korean Ministry of Planning and Finance announced.
"In particular, the conclusion of this framework agreement through the Fund for Economic Development and Cooperation lays the legal basis for the provision of medium and long-term loans in the amount of 2.1 billion USD. The countries agreed to jointly explore projects that could help rebuild and develop Ukraine, Seoul said.
The Fund for Economic Development and Cooperation, through which the funds will be distributed, was established by the Republic of Korea in 1987
Choi Sang Mok recalled that the President of the Republic of Korea Yoon Seok Yeol announced the allocation of 2.3 billion USD to Kyiv in September 2023. 200 million USD of these funds will go to humanitarian aid this year. The South Korean finance minister expressed hope for strengthening economic cooperation with Ukraine and asked for assistance so that companies from the Republic of Korea can take an active part in the reconstruction of this Eastern European country.
The Republic of Korea provided humanitarian and financial aid and supplied Ukraine with non-lethal military items such as mine detectors, but no weapons.