A $100 million loan: Ukraine to receive concessional financing from South Korea for the first time
Minister of Finance of Ukraine Serhiy Marchenko today, October 2, signed a loan agreement with the Export-Import Bank of Korea to attract $100 million. About this reported press service of the Ministry of Finance.
The attraction of $100 million will be the first financial aid that will come to the state budget of Ukraine from the Republic of Korea.
The loan is granted for 20 years with an interest rate of 1.0% per annum, with a grace period of 5 years from the moment of signing the agreement.
“Further projects, which will be implemented within the framework of bilateral cooperation with the Korean side, will be aimed at supporting the economic development of Ukraine and will contribute to further mutually beneficial cooperation between the countries.” — emphasized Marchenko.
In April 2024, the governments of Ukraine and the Republic of Korea signed an agreement, which provides for the possibility for Ukraine to receive loans for a total amount of up to $2.1 billion during the years 2024-2029.
“Despite thousands of kilometers between Ukraine and the Republic of Korea, our partnership continues to strengthen. I am grateful for the constructive cooperation, the result of which is the mobilization of resources for urgent budgetary needs of Ukraine. Further projects, which will be implemented as part of bilateral cooperation with the Korean side, will be aimed at supporting the economic development of Ukraine and will contribute to further mutually beneficial cooperation between the countries.” – noted Minister of Finance of Ukraine Serhiy Marchenko.
