The State Budget of Ukraine received the first concessional financing from the Government of the Republic of Korea. 

In April 2024, the Governments of Ukraine and Korea signed a financial Framework agreement enabling Ukraine to attract loans of up to USD 2.1 billion over the period 2024-2029. 

“I am grateful to the Korean Government for strengthening cooperation in the financial sector, which allows us to mobilise resources to meet the urgent needs of the State Budget under martial law. Moreover, the joint initiatives developed will help to lay the foundation for further economic growth and recovery,” said Minister of Finance of Ukraine Sergii Marchenko. 

The loan is for a term of 20 years and bears an interest rate of 1.0% per annum. The grace period is 5 years from the date of signing the loan agreement.