South Korea to provide Ukraine with US$2.3 billion in financial assistance
South Korean President Yoon Suk Yeol has vowed to provide Ukraine with financial assistance worth US$2.3 billion for recovery effective 2025.
Source: Yonhap news agency
Details: Yoon pledged this during a session of the Group of 20 (G20) summit in New Delhi
Therefore, South Korea will provide an initial US$300 million in humanitarian aid in 2024 and the remaining US$2 billion via long-term low-interest loans through the Economic Development Cooperation Fund (EDCF) starting in 2025.
"This will demonstrate our responsible role as a global pivotal state in leading assistance for the restoration of peace in Ukraine and lay the foundation for our full-fledged participation in Ukraine's future reconstruction," a representative of the South Korean president said.
Background:
- South Korea will expand its aid to Ukraine in 2023 to US$150 million.
- South Korea will provide Ukraine with financial assistance worth 520 billion won (US$394 million) next year, eight times more than this year.
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