South Korea to increase aid to Ukraine to almost $400M

South Korea will provide 520 billion won ($394 million) in financial assistance to Ukraine in 2024.

That’s according to Reuters, Ukrinform reports.

The aid package includes 130 billion won for reconstruction, 260 billion in humanitarian aid and another 130 billion won through international organisations, according to South Korea's 2024 budget.

In July, President Yoon Suk Yeol announced his country would provide a "large scale of military supplies" this year without giving more details.

Today, Yoon also announced an increase in South Korea's Official Development Assistance for strategic areas, including the Asia-Pacific region and Africa, from 1.4 trillion won to 2 trillion won ($1.51 billion).

It is noted that the increase in overseas assistance is part of an effort to help South Korean companies branch out abroad and secure national interests, such as the supply chains, and to take responsibility as a key member of the global community, the Ministry of Economy and Finance said in the budget announcement.

As reported by Ukrinform, the government of South Korea pledges support to state-owned and private companies in the restoration of the war-ravaged transport and energy infrastructure in Ukraine.