Minister of Finance Sergii Marchenko has signed the Framework Agreement between the Government of Ukraine and the Government of the Republic of Korea concerning loans from the Economic Development Cooperation Fund (EDCF) for 2024-2029. The signing took place on the sidelines of the IMF-World Bank Spring Meetings in Washington, DC.

The Ministry of Economy of Ukraine and the Ministry of Finance of Ukraine worked together to prepare the Agreement.

In accordance with the provisions of the Agreement, the Government of the Republic of Korea provides an opportunity for the Ukrainian side to receive loans from the EDCF in the maximum amount of USD 2.1 billion for the period 2024-2029.

Loan funds will be provided for the implementation of priority projects jointly selected by the parties.

"The signing of this Agreement, together with the humanitarian aid provided to Ukraine and support in the international arena, is a manifestation of a reliable partnership between the Republic of Korea and Ukraine. I am convinced that, given the high-tech development of Korea, further cooperation will allow us to implement the best practices of the Republic of Korea for the restoration and reconstruction of Ukraine," said Sergii Marchenko.

Also, Minister of Finance of Ukraine Sergii Marchenko met with Deputy Prime Minister and Minister of Economy and Finance of the Republic of Korea Choi Sang-mok.  

The Government of Korea underlined its solidarity with Ukraine. 

Additional information

The Economic Development Cooperation Fund (EDCF) was established by the Government of the Republic of Korea on June 1, 1987 to promote economic cooperation between Korea and developing countries. The Fund provides financial support to partner countries for their industrial development and economic stability.