This commitment was announced by South Korea's Finance Minister, Choi Sang Mok, during a roundtable discussion on Ukraine held in Washington, according to a report by Yonhap.
The $200 million allocation for 2024 is aimed at addressing the immediate emergency needs of Ukraine. Additionally, South Korea plans to extend further support with $2.1 billion in the form of long-term, low-interest loans through the Economic Cooperation and Development Fund (EDCF), which will commence in 2025.
Details of the recovery program initiatives under the EDCF will be finalized after thorough consultations with Ukraine to ensure that the projects align with the country's most pressing needs.
Furthermore, South Korea has committed to donating $50 million to both the World Bank and the European Bank for Reconstruction and Development. These funds are designated for projects that support Ukraine, enhancing the global effort to assist in the country's recovery.
The overall pledge of $2.3 billion in aid was initially promised by South Korean President Yoon Seok-yeol during the G20 summit in New Delhi in September 2023, highlighting South Korea's continued support for Ukraine amidst its ongoing challenges.
