By Kang Yoon-seung
The Ministry of Economy and Finance in South Korea reported on Friday that the nation had reached an agreement with Ukraine to provide loans through the Economic Development Co-operation Fund (EDCF).
Kim Hyung-tae, South Korea’s ambassador to Ukraine, and Ukrainian First Vice Prime Minister Yuliia Svyrydenko signed the deal in Kyiv earlier this week, according to the Ministry.
The agreement will enable the two countries to engage in discussions on the specifics of the support and the projects it will finance.
In May, South Korea and Ukraine had already signed a preliminary agreement.
South Korean President Yoon Suk Yeol declared during a G20 summit session last week in New Delhi that the nation would provide Ukraine with financial assistance for the purpose of restoring peace and rebuilding the country after its war with Russia.
Yoon said South Korea would make an initial contribution of $300 million in 2024 in the form of humanitarian aid, followed by a second batch of $2 billion in long-term, low-interest loans through the EDCF starting in 2025.
The EDCF program was launched by Seoul in 1987 to help developing countries with their infrastructure.
This undated file photo provided by the Ministry of Economy and Finance shows its headquarters in the central city of Sejong. (PHOTO NOT FOR SALE) (Yonhap)
colin@yna.co.kr
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