The government approved attracting $2 billion in soft loans from South Korea

On June 4, the Cabinet of Ministers approved a draft law on the ratification of an agreement with South Korea regarding a loan of up to $2.1 billion from the Korea Economic Development and Cooperation Fund (EDCF) for 2024-2029.

This is reported by the Ministry of Economy.

Economy Minister Yuliya Svyrydenko emphasized that these funds will be used for the purchase of equipment and reconstruction projects, which will be implemented by the state or state-owned companies.

The framework agreement enters into force from the date of receipt by the parties of the last written notification of the completion of the necessary domestic procedures.

The next stage will be preparation for the implementation of projects selected by the Korean side. Separate contracts will be concluded for each project, which will determine the amount, terms and conditions of granting preferential loans.

According to the agreement, at the first stage, such loans can be used for the supply of equipment. From 2025, it will be possible to attract infrastructure loans for reconstruction.

• The agreement on loans from the EDCF was signed by the Minister of Economy of Ukraine Yulia Svyrydenko and the Korean Ambassador to Ukraine Kim Hyung on September 13, 2023.