About past, present and future of Ukraine

Search mobile

Main Diplomacy Ukraine has received $100 million in concessional financing from the Republic of Korea to support social services

Diplomacy

Ukraine has received $100 million in concessional financing from the Republic of Korea to support social services

373
Ukraine has received $100 million in concessional financing from the Republic of Korea to support social services

Share this article

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.

The Odessa Journal
more articles

Top article

The Ministry of Defense has signed a contract for the construction of a service center for repairing drones in Ukraine
War

The Ministry of Defense has signed a contract ...

Dmytro Kuleba: Ukraine and Croatia have agreed to use Croatian ports for exporting Ukrainian grain
Business

Dmytro Kuleba: Ukraine and Croatia have agree ...

New sanctions: Defence industry, political parties and individuals linked to oligarchs
Business

New sanctions: Defence industry, political pa ...

Volodymyr Zelensky: We are preparing for the next Ramstein meeting, we expect solidly grounded decisions to meet the prospects on the battlefield
War

Volodymyr Zelensky: We are preparing for the ...