South Korea has signed a framework agreement with Ukraine to provide the war-torn country with economic cooperation funds, the finance ministry said Sunday, paving the way for Seoul to carry out its pledge to supply US$2.1 billion in low-interest loans.
South Korean Finance Minister Choi Sang-mok signed the agreement on low-interest loan programs with his Ukraine counterpart, Sergii Marchenko, in Washington on Friday (U.S. time), according to the Ministry of Economy and Finance.
Last year, South Korea vowed to provide an additional $2.3 billion in aid for Ukraine, where the initial $200 million of aid will be provided this year in the form of humanitarian aid for responses to emergency needs in Ukraine, and the remaining $2.1 billion will be administered as long-term, low-interest loans through the Economic Development Cooperation Fund (EDCF) starting in 2025.
“Friday’s arrangement was meant to lay the legal foundation on credit assistance. The two sides agreed to explore projects together that help Ukraine’s reconstruction and development,” the ministry said in a release.
https://en.yna.co.kr/view/AEN20240421000800320?section=national/diplomacy