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South Korea will allocate a package of financial aid to Ukraine for humanitarian needs

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South Korea will allocate a package of financial aid to Ukraine for humanitarian needs

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South Korea will provide Ukraine with humanitarian assistance amounting to $200 million this year as part of the promised aid package of $2.3 billion.

South Korean Finance Minister Choi Sang-mok announced this, as reported by Yonhap.

According to him, the South Korean government plans to provide an initial $200 million this year in the form of humanitarian aid to respond to urgent needs in Ukraine, while the remaining $2.1 billion will be provided in the form of long-term, low-interest loans through the Economic Development Cooperation Fund (EDCF), starting from 2025.

It is noted that detailed recovery programme projects under the Fund will be determined after close consultations with the Ukrainian side.

The Finance Minister also mentioned that South Korea will donate $50 million each to the World Bank and the European Bank for Reconstruction and Development for their projects aiding Ukraine.

Detailed recovery and reconstruction projects under the EDCF programme will be decided after close consultations, Choi added.

South Korea launched the EDCF programme in 1987 with the purpose of supporting economic and social infrastructure projects in developing countries.

The Odessa Journal
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