Ukraine and South Korea agree on loaning to attract Korean investments

Ukraine and South Korea have signed an agreement, which stipulates the provision of soft loans for the implementation of projects in Ukraine with the participation of Korean companies.

Source: Office of the President's press service

Quote: "The Agreement between the Government of Ukraine and the Government of the Republic of Korea regarding loans from the Economic Development and Cooperation Fund (EDCF) was signed in the presence of the President of Ukraine and the Minister of Land, Infrastructure and Transport of Korea," the message reads.

The agreement says preferential loans are provided for the implementation of projects in Ukraine with the participation of Korean companies.

The agreement was signed by Yuliia Svyrydenko, Ukraine's First Vice Prime Minister and Minister of Economy, and Kim Hyung-tae, the Ambassador of the Republic of Korea to Ukraine.

President Zelenskyy thanked the Korean side for supporting the sovereignty and territorial integrity of Ukraine and the decisions made to provide significant practical assistance to our country.

Quote: "I am grateful for the decision of the government of the Republic of Korea to allocate financial support to Ukraine in the amount of 2.3 billion US dollars for reconstruction and restoration. This will give a tangible impetus to the development of Ukrainian infrastructure," Zelenskyy said.

In addition, Zelenskyy called on Korean businesses to actively work on the Ukrainian market and participate in the implementation of projects in the areas of nuclear and renewable energy development, machine building, automotive industry, lithium mining, oil refining, "green" metallurgy, railway transport, water resources and local infrastructure.

Background:

• Since the beginning of the Great War, South Korea has provided Ukraine with ten cargoes of humanitarian aid to the energy sector and is interested in investing in the restoration of the energy sector. 
• The President of South Korea, Yoon Seok-yeol, announced the provision of $2.3 billion in financial aid to Ukraine for recovery starting in 2025.

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