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South Korea increases aid for Ukraine 8-fold in 2024 budget, earmarks $99 million for reconstruction, Yonhap reports

By Ukraine Rebuild News Staff

The government of South Korea, which has launched a campaign in recent months to support Korean companies seeking to join the Ukraine reconstruction, has earmarked 520 billion won (US$393 million) in its 2024 budget in support for Ukraine, news agency Yonhap reportedTuesday.

The allocation, an eight-fold increase from 2023, includes 130 billion won ($99 million) to support reconstruction projects and 260 billion won in humanitarian aid, the Korean news agency reported. The government will forward the remaining 130 billion won to international agencies involved in helping Ukraine.

The allocation comes ahead of a planned September visit by Won Hee-ryong, South Korea’s minister of land, infrastructure and transport, to Ukraine to help Korean firms expand their presence in the eventual reconstruction of the country.

Korean firms have firmly established a presence in Ukraine and have expanded their reach in recent months, with Hyundai E&C agreeing in July to rebuild Ukraine’s largest airport, Boryspil International, once the fighting stops, and conglomerate K-water agreeing to help rebuild the Kakhovka dam which was blown up in June. Also, Samsung C&T signed a reconstruction agreement last month with the city of Lviv, western Ukraine, along with Turkish construction firm Onur, according to a LinkedIn post by Onur.

South Korean President Yoon Suk Yeol met with Ukrainian officials in July on the reconstruction, accompanied by Samsung C&T, Hyundai E&C, Kolon Global, HD Hyundai XiteSolution, Hyundai Rotem, Yooshin Engineering, Naver, Korea Land & Housing Corp, Korea Water Resources, International Contractors Association of Korea and Export-Import Bank of Korea.

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