Ukra confirms receipt of $100 million loan from S. Korea

Ukrainian Prime Minister Denis Shmyhal thanked the South Korean government for 100 million dollars worth of loans and 139.8 billion won.

Prime Minister Schmihal made the announcement yesterday (29th) on his official SNS account, calling it Korea's first budget support for partner countries to support the social sector.

He then explained that Ukraine signed an agreement earlier this year that could secure up to $2.1 billion and 2.9358 trillion won in funds in South Korea.

The terms of the loan are a 20-year maturity, a five-year grace period, and an interest rate of 1.0% per year.

At the 5th Ukraine Support Conference held in the U.S. in April, the Korean government said it would implement the $2.1 billion Foreign Economic Cooperation Fund (EDCF) to Ukraine in the mid- to long-term.

Ukraine, which has been at war with Russia for three years, is covering about 60% of the government's budget with foreign loans and grants.