Ukraine to attract up to USD 2.1 billion in loans from South Korea - Ministry of Finance
Kyiv • UNN
Ukraine and South Korea sign a framework agreement that will allow Ukraine to receive up to $2.1 billion in loans from the South Korean Fund for Economic Development and Cooperation to implement priority projects in 2024-2029.
Minister of Finance Sergii Marchenko has signed a framework agreement between the Government of Ukraine and the Government of the Republic of Korea on loans from the Economic Development and Cooperation Fund (EDCF) for 2024-2029. This is reported by the Ministry of Finance of Ukraine, UNN reports.
Details
The signing took place during a working visit to the IMF and World Bank Spring Meetings in Washington, DC. The Ministry of Economy of Ukraine and the Ministry of Finance of Ukraine worked together to prepare the agreement.
Under the terms of the agreement, the Government of the Republic of Korea provides an opportunity for the Ukrainian side to receive loans from the EDCF in an amount not exceeding USD 2.1 billion for the period 2024-2029
It is stated that loan funds will be provided for the implementation of priority projects to be jointly selected by the parties.
Also, Minister of Finance of Ukraine Sergii Marchenko met with Vice Prime Minister and Minister of Economy and Finance of the Republic of Korea Sang-mok Choi.
The signing of this Agreement, together with the humanitarian aid and support provided to Ukraine in the international arena, is a manifestation of the reliable partnership between the Republic of Korea and Ukraine. I am convinced that, given the high-tech development of Korea, further cooperation between the two countries will allow us to apply the best practices of the Republic of Korea to restore and rebuild Ukraine
For reference
The Economic Development Cooperation Fund (EDCF) was established by the Government of the Republic of Korea 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.
Recall
The head of the International Monetary Fund, Kristalina Georgieva, said that Ukraine needs $42 billion in budget support this year to continue fighting the Russian invasion.
