South Korean Finance Minister Choo Kyung-ho Talks About Rebuilding Ukraine with EBRD and World Bank

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By Kang Yoon-seung

SEOUL, July 18 (Yonhap) — South Korea’s Finance Minister Choo Kyung-ho said on Tuesday that the nation will make a strong effort to help reconstruct Ukraine and increase its contributions to the funds managed by multilateral development banks.

He made these remarks during a meeting with European Bank for Reconstruction and Development (EBRD) President Odile Renaud-Basso at the G20 Finance Ministers and Central Bank Governors Meeting in India, according to the Ministry of Economy and Finance.

Choo said South Korea is ready to be involved in reconstruction projects, taking advantage of its own experiences in economic development. He also promised to contribute to the EBRD Crisis Response Special Fund, which was launched in 2022.

South Korean Finance Minister Choo Kyung-ho (R) shakes hands with European Bank for Reconstruction and Development President Odile Renaud-Basso on the margins of the G20 Finance Ministers and Central Bank Governors Meeting in Gandhinagar, western India, on July 17, 2023, in this photo provided by the Ministry of Economy and Finance. (PHOTO NOT FOR SALE) (Yonhap)

The Ministry of Economy and Finance did not provide information on the exact amount that will be committed. Currently, 11 countries have donated 880 million euros (US$989 million) to the fund designed to support Ukraine’s reconstruction projects.

Choo also had a meeting with World Bank President Ajay Banga on Tuesday and declared South Korea will give $10 million to the Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund managed by the Washington-based bank in the coming year.

The finance minister asked for the World Bank’s assistance for South Korean companies that are competing to take part in upcoming reconstruction projects in Ukraine.

In response, Banga acknowledged that South Korea’s experience in rebuilding the country after the Korean War and its successful transition from an aid recipient to a donor nation would be very useful in helping the reconstruction efforts.

South Korean Finance Minister Choo Kyung-ho (L) shakes hands with World Bank President Ajay Banga on the margins of the G20 Finance Ministers and Central Bank Governors Meeting in Gandhinagar, western India, on July 18, 2023, in this photo provided by the Ministry of Economy and Finance. (PHOTO NOT FOR SALE) (Yonhap)

colin@yna.co.kr
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