South Korea Prepared $52 Bln for the Restoration of Ukraine

by Meifan Honcharuk
Friday, July 14, 2023
South Korea Prepared $52 Bln for the Restoration of Ukraine

The state will participate in 5.000 infrastructure reconstruction and private sector reconstruction projects

The Korea Herald published a statement from Choi Sang Mokk, secretary of South Korean president Yoon Seok Yeol.

"Ukraine invited Korean companies to participate in about 5,000 construction projects valued at $20 billion through the intergovernmental cooperation channel in May," Choi Sang Mokk.

The funds will be transferred through an intergovernmental channel and directed to the restoration of civilian infrastructure: houses, schools, hospitals, and so on. Previously, South Korea will send specialists to Ukraine to assess the scale of damage and work. This assistance is additional to that which the state sent to help combat the consequences of the explosion of the Kakhovka dam.

According to Choi Sang Mokk, his government will participate in the development of the private sector in Ukraine: the purchase and installation of small modular reactors, the purchase of construction equipment, the repair of railways, the development of IT, and so on. These projects are estimated at about $32 billion.

"Even though the war continues and reconstruction efforts are in the early stages, we will prepare for our role in the reconstruction project as diligently as the Ukrainian government desires," Choi Sang Mok.

On July 13, South Korean president Yoon Seok Yeol arrived in Poland and, together with Andrzej Duda, signed a Memorandum of cooperation on the post-war reconstruction of Ukraine.

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