The loan term can be up to 40 years at 0.15% per year with a 10-year grace period for repayment of the loan body.
Ukraine signed an agreement with South Korea on loans from the Economic Development and Cooperation Fund (EDCF), a special division of the Korean Export-Import Bank. This was announced by the Ministry of Economy on Wednesday, May 17.
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As explained by the First Vice Prime Minister – Minister of Economy Yulia Sviridenko, Ukraine is included in the list of priority countries for bilateral cooperation with Korea under the Official Development Assistance (ODA) program.
“The possibility of receiving the first tranche from the EDCF in the amount of up to $300 million will appear in 2023 within 3-4 months from the moment of signing the second stage of the transaction, expected one month from today’s momentous event. The The next tranche of up to $3 billion will be available in 2024 from a gradual increase of the limit to $8 billion as the pipeline of projects fills up,” he said.
Sviridenko added that Ukraine could also use Korea’s capabilities and experience for post-war reconstruction of destroyed infrastructure, industrial and civilian facilities.
In particular, the funds will be attracted for a long-term period at minimal interest: the loan term can be up to 40 years at 0.15% per year with a 10-year delay in repayment of the loan body. The loans will be provided by the Export-Import Bank of Korea under the EDCF.
In addition, it is planned to open an EDCF office in Ukraine.
Remember, on May 16, the First Lady of Ukraine, Olena Zelenska, met with South Korean President Yun Seok Yol in Seoul.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.