The first concessional financing from the Government of the Republic of Korea has been received by the State Budget of Ukraine.
Recall that in April 2024, the governments of Ukraine and Korea signed a Framework Agreement, which allows Ukraine to attract loans totaling up to $2.1 billion USD between 2024 and 2029.
"This is the first budgetary assistance from our Korean partners, which will be directed towards supporting the social sector," said Prime Minister of Ukraine Denys Shmyhal.
According to him, this year an agreement was signed between the governments of Ukraine and Korea, which will allow Ukraine to attract up to $2.1 billion.
"I am grateful to the Government of the Republic of Korea for strengthening cooperation, which enables the mobilization of resources to meet urgent state budget needs under martial law. Furthermore, the joint initiatives developed will help lay the foundation for future economic growth and recovery," stated Ukraine's Minister of Finance, Serhiy Marchenko.
The loan is being provided for a term of 20 years with an interest rate of 1.0% per annum. The grace period is 5 years from the date of signing the loan agreement.
