South Korean officials have announced aid for Ukraine in the amount of 2.3 billion USD. It has already been decided what exactly the funds will be spent on.
It is better to see once than hear a hundred times
The fact that this country can take an active role in the fate of Ukraine became known not recently. One of the eloquent gestures of interaction was the visit of the President of South Korea and his wife in July 2023. During this, they visited the following cities:
– Kyiv;
– Irpin;
– Bucha.
They saw with their own eyes the consequences of Russian aggression and also talked with the President of Ukraine and his wife.
Two queues
2.3 billion USD is allocated to facilitate the post-war reconstruction of Ukraine. There will be two waves of tranches:
1. In 2024 – 300 million USD for humanitarian needs.
2. Starting from 2025 – 2 billion USD as long-term assistance to support social and economic spheres.
Long-term assistance will be provided in the form of low-interest loans. The source of financing will be the Economic Development Cooperation Fund (EDCF). South Korea started this fund to support various projects of economic or social direction in developing countries.
Why does Korea need it?
The President announced the aid during the G20 summit, which was held in India in early September. This happened during the session “One Future”.
As the President of South Korea Yoon Suk Yeol mentioned, this is how his country demonstrates a responsible role as a leading state that is pivotal for helping the weak. Thus, it is possible to declare its strong economy, which is beneficial for Seoul for other political plans.
