The Export-Import Bank of Korea will provide a $100 million preferential loan to Ukraine, with a term of 20 years, a 1% annual interest rate, and a grace period of five years.
The loan is the first financial support package provided by the Republic of Korea to Ukraine's state budget, Ukraine's Finance Ministry said Wednesday after signing the loan agreement.
"I am grateful for the constructive cooperation, which has resulted in the mobilization of resources for the urgent budgetary needs of Ukraine," said Ukraine's finance minister Sergii Marchenko.
"Further projects to be implemented within the framework of bilateral cooperation with the Korean side will be aimed at supporting Ukraine's economic development and will contribute to further mutually beneficial cooperation between the countries," he added.
In April, Ukraine and Korea signed a framework agreement that will allow Ukraine to attract up to $2.1 billion in loans from Korea's Economic Development Cooperation Fund for the implementation of priority projects in 2024-2029.
