• Українською
  • Ukraine to attract loan funds from Korea on extremely preferential terms
    Ministry of Economy of Ukraine, posted 17 May 2023 09:18


    On May 17, in the framework of the Asian Leadership Conference a ceremony was held to sign a Preliminary Agreement between the Government of Ukraine and the Government of the Republic of Korea on loans from the Economic Development Cooperation Fund (EDCF), a special division of the Korea Export-Import Bank (KEXIM). The ceremony was attended by Yuliia Svyrydenko, First Deputy Prime Minister of Ukraine and Minister of Economy of Ukraine.
    The event was part of the visit of the Ukrainian delegation with the participation of First Lady of Ukraine Olena Zelenska to the Republic of Korea.
    "Ukraine is included in the list of priority countries for bilateral cooperation with the Republic of Korea under the Official Development Assistance (ODA) programme. Also, Ukraine will be able to use Korean capacities and experience for the post-war reconstruction of the destroyed infrastructure, industrial and civilian facilities," said Yuliia Svyrydenko.
    The loans will be provided by the Export-Import Bank of Korea under the EDCF.
    The completion of the Agreement between the governments of Ukraine and the Republic of Korea is an important milestone that allows us to start working on individual projects now.
    "We hope that in the coming weeks all the formalities will be completed and we will be able to present the first projects to be financed by the Fund to the business communities of our countries," added Yuliia Svyrydenko.
    Separate loan agreements will be concluded to attract financing for specific projects. For its part, the Korean Government can provide grants and technical assistance for the preparation and evaluation of projects.
    In addition, it is planned to open an EDCF office in Ukraine.
    "Ukraine is using every opportunity to attract additional resources from international partners. The implementation of the Agreement will open up new opportunities for business cooperation between the two countries. We look forward to the active participation of Korean business in the post-war recovery of our country, and today's signing will allow us to attract significant investments from South Korea to locate new technological production facilities in Ukraine in strategically important industries in partnership with global Korean corporations," said Yuliia Svyrydenko.
    The Economic Development Cooperation Fund (EDCF) was established by the Government of the Republic of Korea on 1 June 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.