On Friday, the Ministry of Economy and Finance of South Korea announced that an agreement between the two countries has been made, providing Ukraine with low-interest loans to aid in its reconstruction projects. The agreement was signed by South Korea’s ambassador to Ukraine, Kim Hyung-tae, and Ukrainian First Vice Prime Minister Yuliia Svyrydenko in Kyiv.
This follows the preliminary agreement made in May. Last week, South Korean President Yoon Suk Yeol promised to offer Ukraine $300 million in 2024 as humanitarian aid and $2 billion in long-term, low-interest loans through the EDCF in 2025. The EDCF was established in 1987 to help developing countries with their basic infrastructure.
To further assist Ukraine’s post-war rebuilding efforts, a team of South Korean government and business officials, led by Minister Won Hee-ryong, visited Kiev. The 30-member delegation held a meeting with Ukrainian President Volodymyr Zelenskyy to express their intention to contribute to the nation’s reconstruction projects.