On October 2, the Ministry of Finance signed a loan agreement with the Export-Import Bank of Korea to attract a loan in the amount of 100 million dollars.
Points of attention
- Ukraine secured a significant loan of $100 million from South Korea's Export-Import Bank, signaling a milestone in their economic cooperation.
- The loan comes with preferential terms, including a low interest rate of 1.0% per annum and a 20-year repayment period, contributing to Ukraine's financial stability.
- This financial support will play a crucial role in supporting the economic development of Ukraine and fostering mutually beneficial cooperation between the two countries.
- In addition to the loan from South Korea, Ukraine is set to receive a substantial loan package from the European Commission, further emphasizing international support for the country's economic growth.
- The ongoing financial assistance from South Korea and the EU highlights the importance of international cooperation in bolstering Ukraine's economy and ensuring its stability amidst geopolitical challenges.
South Korea granted a loan of 100 million dollars to Ukraine
The attraction of 100 million US dollars will be the first financial support that will come to the State Budget of Ukraine from the Republic of Korea.
The loan is drawn for a period of 20 years, the interest rate is 1.0% per annum. The grace period is 5 years from the date of signing the credit agreement.
We would like to remind that in April 2024, the Governments of Ukraine and the Republic of Korea signed an Agreement that allows Ukraine to attract loans in the amount of up to 2.1 billion US dollars during 2024-2029.
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, said the Minister of Finance of Ukraine, Serhiy Marchenko.
Ukraine will receive new financial support from the EU
The President of the European Commission, Ursula von der Leyen, said that the EC will provide Ukraine with a loan of up to 35 billion euros as part of the $50 billion credit plan agreed by the G7 countries using frozen Russian assets.
The European politician draws attention to the fact that continuous Russian attacks are another confirmation that Ukraine needs constant support from official Brussels.
Recently, journalists managed to find out that official Brussels still intends to provide a new loan for Ukraine in the amount of 20 billion to 40 billion euros by the end of 2024, regardless of the participation of the United States — after the agreed G7 credit plan for 50 billion dollars using frozen assets of the Russian Federation had problems.
