South Korea allocates $130 million in financial aid to Ukraine

South Korea signed an agreement with Ukraine on a plan to provide a $130 million financial aid package. This happened after the visit of the First Lady Olena Zelenska to Seoul to the President of South Korea Yun Seok-yeol.

Reuters writes about it.

The agreement was signed by the Minister of Finance of South Korea Choo Kyung Ho and the Minister of Economy of Ukraine Yuliia Svyridenko, who were also present at the conference in Seoul. The aid package consists of contributions and loans.

In addition, Ukraine agreed with South Korea to attract up to $8 billion under "extremely favorable conditions", writes the Ministry of Economy. The term of the loan is up to 40 years at 0.15% per annum with a 10-year deferred repayment of the loan amount. Loans will be provided by the Export-Import Bank of Korea within the framework of the EDCF fund.

• South Korea is currently focused on humanitarian and economic aid. However, its president stated that the country may start providing military aid to Ukraine under the condition of "a situation with which the international community cannot come to terms, for example, a large-scale attack on civilians, a massacre or a serious violation of the laws of war, it will be difficult for us to insist only on humanitarian or financial support".
• In March, South Korea agreed with the United States on the loan of 500 000 155 mm artillery shells. According to anonymous government sources, South Korea decided not to sell the ammunition, but to lend it, in order to minimize the possibility of using these shells in the war in Ukraine. South Koreaʼs defense ministry stated the allies were looking for ways to support Ukraine to help protect its freedom, but declined to provide details. According to South Korean Foreign Minister Park Jin, the governmentʼs position on providing lethal aid to Ukraine remains unchanged.