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South Korea to allocate $2.3 bn for Ukraine’s reconstruction

South Korean President Yoon Suk Yeol has announced $2.3 in humanitarian aid for Ukraine during the G20 summit in New Delhi
South Korean President Yoon Suk Yeol, left, and Ukrainian President Volodymyr Zelenskyy stand for photos after delivering statements, Saturday, July 15, 2023, in Kyiv, Ukraine. (AP Photo/Jae C. Hong)
South Korea to allocate $2.3 bn for Ukraine’s reconstruction

South Korea will provide Ukraine with $2.3 billion in humanitarian aid. Most of the funds will be allocated in 2025 for the reconstruction of Ukraine.

According to Yonhap media outlet, South Korean President Yoon Suk Yeol has announced $2.3 in humanitarian aid for Ukraine during the G20 summit in New Delhi.

South Korea will provide the initial $300 million in 2024 through humanitarian aid and the $2 billion through long-term, low-interest loans through the Economic Development Cooperation Fund (EDCF) starting in 2025.

“This will demonstrate our responsible role as a global pivotal state in leading assistance for the restoration of peace in Ukraine and lay the foundation for our full-fledged participation in Ukraine’s future reconstruction,” South Korea’s Presidential Office said.

During his visit to Kyiv on 15 July, Yoon Suk Yeol told the media that the Republic of Korea will increase humanitarian and non-lethal military assistance to Ukraine to $150 million in 2023.

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