Ukraine to receive over US$2 billion from Korea for recovery

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Ukraine will receive US$2.1 billion in soft loans from the Republic of Korea to be used for recovery projects.

Source: press service of the Ministry of Economy of Ukraine

Details: “These are funds from the Economic Development Cooperation Fund (EDCF). They will be allocated over the next five years,” the statement said.

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According to the terms of the agreement, the governments of South Korea and Ukraine are to identify candidate projects in close cooperation with each other. The details of each individual project, the amount of funds and terms of the loan will be specified in separate loan agreements concluded between the Export-Import Bank of Korea and the borrower.

Background:

• The state budget of Ukraine received US$118 million in non-refundable loans from the Government of Japan. The funds were provided under two World Bank projects, HEAL Ukraine and HOPE.
• Ukraine received a US$1.5 billion Growth Foundations Development Policy Loan (DPL) from Japan and the United Kingdom through the World Bank mechanism.

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