South Korea and Ukraine Sign $2 Billion Loan Agreement

The finance ministers of South Korea and Ukraine, Choi Sang-mok and Sergey Marchenko, have signed a mutual agreement in Washington to provide Kyiv with $2.1 billion in concessional long-term loans, according to the South Korean Ministry of Planning and Finance. The parties agreed to explore projects that could aid in Ukraine's recovery.

As noted in the announcement, the President of South Korea declared in September 2023 that $2.3 billion would be allocated to Ukraine. Of this amount, $200 million will be allocated for humanitarian assistance in 2024.

Minister Choi Sang-mok expressed hope for strengthening economic cooperation with Kyiv and requested support for South Korean companies to participate in the country's recovery efforts. In July 2023, South Korean President Yoon Suk-yeol visited Ukraine. At the beginning of 2024, the country's authorities announced they would continue providing assistance to Ukraine regarding its recovery.

As reported by the South Korean Ministry of Defense, Seoul is not supplying weapons or ammunition to Kyiv.