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South Korea pledges $2.3 billion for the reconstruction of Ukraine

South Korean President Yoon Suk Yeol talks to US President Joe Biden (Photo by South Korean Presidency)

Ukraine Rebuild Newswire Staff, Sept 11, 2023

South Korean President Yoon Suk Yeol announced an aid package of $2.3 billion for the reconstruction of Ukraine, including $300 million in aid next year and $2 billion in low-cost loans from 2025, the Korea Times reported from the G20 summit over the weekend in New Delhi.

Yoon said the assistance next year will take the form of grants for development, humanitarian aid, and funds provided for Ukraine via the World Bank or the European Bank for Reconstruction and Development. The loans will come via South Korea's indigenous low-interest loan program for developing countries.

South Korea has been particularly active in preparing for the reconstruction of Ukraine in recent months.  Yoon led a delegation to Poland in July to meet with Ukrainian officials on the reconstruction, and Won Hee-ryong, South Korea’s minister of land, infrastructure and transport, said he will visit Ukraine in September to help Korean firms expand their presence in the eventual reconstruction of the country.

Several Korean firms accompanied Yoon on his July trip, including 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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