United to win: South Korea to provide Ukraine with $2.3 bln in financial aid

Ukraine will receive $2.3 billion in financial aid for recovery starting in 2025 from South Korea

South Korean President Yoon Suk Yeol stated this during the session of the G20 summit in New Delhi, Yonhap reports.

Initially, Ukraine will receive the first 300 million dollars from South Korea in 2024 in the form of humanitarian aid.

The remaining $2 billion will be given out as long-term, low-interest loans from the Economic Cooperation and Development Fund (EDCF) beginning in 2025.

"This will demonstrate our responsible role as a leading world power in assisting in the restoration of peace in Ukraine and will lay the foundation for our full participation in the future restoration of Ukraine," the president's representative emphasized.

It should be noted that South Korea will increase the amount of aid to Ukraine in 2023 to 150 million dollars.

As Rubryka wrote, as part of the aid package to the war-ravaged country, South Korea will provide Ukraine with mine detectors and demining equipment.

For reference:

South Korea is a major arms exporter. The country has so far ruled out sending lethal weapons to Ukraine, citing business ties with Russia and Moscow's influence over North Korea. However, according to CNN, South Korea provided non-lethal aid to Ukraine, fighting against Russian aggression, in early July.

Also, in May, the Wall Street Journal wrote that South Korea sent hundreds of thousands of projectiles to Ukraine.

It is worth noting that in June, South Korean President Yoon Suk Yeol met with his Ukrainian counterpart Volodymyr Zelensky in Kyiv and agreed to provide a package of assistance in the field of security, humanitarian aid, and reconstruction assistance within the framework of the Peace and Solidarity Initiative with Ukraine.

It should be noted that next year, South Korea will provide financial assistance to Ukraine in the amount of 520 billion won (394 million dollars) – eight times more than this year.