South Korea Invests $2.3 Bln in Reconstruction of Ukraine

by Meifan Honcharuk
Monday, September 11, 2023
South Korea Invests $2.3 Bln in Reconstruction of Ukraine

Funds will be transferred via the Fund for Cooperation in Economic Development 

Yonhap reported that South Korean president Yoon Suk Yeol announced at the G20 summit that he would support Ukraine in its post-war reconstruction. The politician said he was ready to allocate $2.3 billion from the country's budget.

"This will demonstrate our responsible role as a global pivotal state in leading the restoration of peace in Ukraine and will lay the foundation for our full participation in the future reconstruction of Ukraine," said Sook Yol.

It is planned that the amount will be divided into several tranches. Kyiv will receive the first $300 million in 2024. The remaining amount will be transferred to Ukraine every year from 2025. It is also reported that from 2025, humanitarian aid for the reconstruction of Ukraine will be shared within the framework of the Fund for Cooperation in Economic Development. The assistance will be provided in the form of low-interest loans.

Note that these are not the first millions from South Korea for Ukraine during the full-scale Russian invasion of Ukraine. For 2023, the partner country's government will transfer $150 million to Kyiv.

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