South Korea to provide Ukraine with aid package for humanitarian needs
South Korea will provide $200 million in humanitarian aid to Ukraine this year as part of a promised $2.3 billion aid package.
This was stated by South Korean Finance Minister Choi Sang-mok, according to Yonhap.
According to him, the South Korean government plans to provide the initial $200 million this year in humanitarian aid to respond to emergency needs in Ukraine, and the remaining $2.1 billion will be provided in the form of long-term low-interest loans through the Economic Development and Cooperation Fund (EDCF) starting in 2025.
It is noted that the detailed projects of the recovery program under the Fund will be determined after close consultations with the Ukrainian side.
The Minister of Finance also noted that South Korea will also donate $50 million each to the World Bank and the European Bank for Reconstruction and Development for their assistance projects to Ukraine.
Last September, it was reported that South Korea would provide Ukraine with a large financial aid package of $2.3 billion. Later, Ukraine's Economy Minister Yulia Svyrydenko emphasized that the funds from South Korea would initially be used to purchase and supply critical equipment.
Author – Anastasiya Glotova, 18/04/2024
