Ukraine to receive preferential loan from Korea for first time

According to Ukrinform, this was reported by the Ministry of Finance of Ukraine.

“Today, on October 2, Minister of Finance of Ukraine Sergii Marchenko signed a loan agreement with the Export-Import Bank of Korea to raise USD 100 million,” the statement said.

It is noted that the loan is granted on favorable terms: the term is 20 years, the interest rate is 1.0% per annum. The grace period is 5 years from the date of signing the loan agreement.

“Attracting USD 100 million will be the first financial support to be received by the state budget of Ukraine from the Republic of Korea,” the ministry said.

According to Marchenko, further projects implemented within the framework of bilateral cooperation with the Korean side will be aimed at supporting Ukraine's economic development and will promote further mutually beneficial cooperation between the countries.

As reported by Ukrinform, in April 2024, Ukraine and the Republic of Korea signed an agreement to provide Ukraine with soft loans worth up to USD 2.1 billion over 2024-2029. The funds from the Economic Development and Cooperation Fund (EDCF) of Korea will be used for Ukraine's recovery projects.

Photo: Ministry of Finance