On Friday, South Korea’s finance ministry announced that an agreement has been reached with Ukraine to extend low-interest loans to support the war-torn nation in its efforts for post-conflict reconstruction. The pact was signed earlier in the week in Kyiv by Kim Hyung-tae, South Korea’s ambassador to Ukraine, and Ukrainian First Vice Prime Minister Yuliia Svyrydenko, using the Economic Development Co-operation Fund (EDCF) as the conduit for these loans, as reported by the Ministry of Economy and Finance.
This agreement lays the groundwork for both countries to engage in discussions concerning specific projects and the terms of the assistance to be provided. Notably, South Korean President Yoon Suk Yeol made a commitment last week to extend financial aid to Ukraine to facilitate its journey towards peace and recovery in the aftermath of the conflict with Russia.
President Yoon made this announcement during a session of the Group of 20 summit in New Delhi, pledging to offer an initial $300 million in humanitarian aid in 2024, followed by an additional $2 billion in the form of long-term, low-interest loans through the EDCF, commencing in 2025. The Economic Development Co-operation Fund, established in 1987 by Seoul, was designed to assist developing nations with their fundamental infrastructure needs.
In a bid to assist in the recovery efforts of the war-affected nation, a delegation comprising South Korean government officials and representatives from the business sector paid a visit to Kiev. This visit was reported by the Ministry of Land, Infrastructure and Transport on Friday.
Led by Minister Won Hee-ryong, the delegation held a meeting with Ukrainian President Volodymyr Zelenskyy in the capital city on Wednesday. During this meeting, they conveyed their keen interest in participating in Ukraine’s projects aimed at rebuilding the nation in the wake of the war.
This marked the inaugural visit of a minister-led South Korean business delegation to Ukraine with the intent of exploring potential involvement in post-war reconstruction initiatives. The delegation, consisting of 30 members, includes the minister and representatives from organizations such as Korea Land & Housing Corp., Korea Railroad, Korea Airports Corp., Samsung C&T Corp., Hyundai Engineering & Construction Co., KT Corp., and CJ Logistics Corp.
(Source: Choi Kyong-ae | Yonhap News Agency)
