South Korea’s $2.1 billion loan to Ukraine

South Korea and Ukraine signed an agreement to provide Kyiv with long-term loans worth $2.1 billion. The relevant document was signed in Washington by Choi Sangmok and Sergey Marchenko, the finance ministers of the two countries.

The Ministry of Finance of South Korea announced in a statement: With the conclusion of the current agreement through the Economic Development and Cooperation Fund, the legal basis for granting medium and long-term loans worth 2.1 billion dollars to Ukraine has been provided.

It is said that the parties agreed to jointly explore projects that can help the reconstruction and development of Ukraine.

South Korean Foreign Minister Cho Tae-il previously said that Seoul plans to allocate $2.3 billion to Ukraine as part of a new financial aid package. South Korea’s foreign minister said that Seoul will continue to support Kiev to establish peace. This official also announced the allocation of 12 million dollars to the NATO fund to improve rehabilitation centers for wounded Ukrainian soldiers.

South Korean Prime Minister Han Deok-soo noted that Seoul is not ready to send weapons to Kiev. South Korea only transfers humanitarian aid as well as military equipment other than weapons to Ukraine.