Ukraine receives first $100 million loan from South Korea to strengthen social sector
Ukraine has received $100 million in financial aid from South Korea, marking the first budgetary assistance from its Korean partners. The funds will be allocated to strengthen Ukraine’s social sector, Prime Minister Denys Shmyhal announced on X.
"This is the first budget assistance from our Korean partners to support the social sector," Shmyhal added.
As previously reported by the Ministry of Finance, the loan is attracted for 20 years at 1% per annum with a grace period of five years from the date of signing the agreement.
In April 2024, the governments of Ukraine and the Republic of Korea signed an agreement that allows Ukraine to attract loans of up to $2.1 billion over the period of 2024-2029.
South Korean support of Ukraine in times of war
South Korea is actively supporting Ukraine during the full-scale war by providing humanitarian and financial assistance. The country's efforts are aimed at rebuilding infrastructure, implementing social programs, and overcoming the humanitarian crisis.
In addition, South Korea has been speaking out in the international arena on Ukraine's side, calling for compliance with international law and strongly condemning the aggression.
The European Union remains Ukraine’s largest donor, contributing $40.5 billion between 2022 and 2024. The United States follows with $26.8 billion during the same period.
