KOREA-UKRAINE Signed a Preliminary Agreement for The Financial Aid for Ukraine under Economic Development Cooperation Fund
- Laying the foundation for supporting Ukraine under the EDCF-
Deputy Prime Minister and Minister of Economy and Finance Kyungho CHOO held a bilateral meeting with his Ukrainian counterpart Yulia Svyrydenko who visited Korea to attend the Asian Leadership Conference (ALC) and signed a “preliminary agreement between the Government of the Republic of Korea and the Government of Ukraine on the loan of the EDCF” at the Shilla Hotel in Seoul.
The Korean government provided a total of $100 million in humanitarian aid last year to Ukraine and expressed its willingness to provide additional support worth $130 million in February this year.
The Economic Development Cooperation Fund (EDCF) is a long-term, low-interest loan from the Korean government to developing countries to support their economic and industrial development. A loan agreement is a treaty containing facts and principles regarding the Korean government’s provision of such loans to recipient countries. Until now, the two governments have been discussing a loan agreement, which is a procedural requirement for supporting Ukraine through the EDCF, and with the recent completion of working-level consultations between the two governments, both sides signed a preliminary agreement during the Ukrainian Deputy Prime Minister’s visit to Korea ahead of official signing.
In a bilateral meeting before the signing ceremony, Deputy Prime Minister Choo said he hoped for an early end to the war and a restoration of peace in Ukraine, and expected the two countries to cooperate in a wide range of areas for Ukraine's reconstruction in the future. The two sides agreed to fully cooperate with the follow-up procedures such as exploring new projects so that supports can be made through the EDCF hereafter.
The EDCF loan agreement signed by both sides will take effect upon the completion of necessary domestic procedures and official signing by the two countries.
Please refer to the attached file.