Bang Gi-seon Vice Minister "Actively Considering Economic Support Including Ukraine ODA"

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Kim Hyewon] Bang Giseon, First Vice Minister of the Ministry of Economy and Finance, attended the OECD Ministerial Council Meeting and stated that economic support for Ukraine will be actively considered.

According to the Ministry of Economy and Finance on the 11th, Vice Minister Bang said at the OECD Ministerial Council Meeting held in Paris, France on the 9th-10th (local time), "The Korean government will also participate in Ukraine support programs of multilateral development banks such as the European Bank for Reconstruction and Development (EBRD) by utilizing Korean trust funds and reserves," expressing this intention.

Vice Minister Bang explained, "In preparation for the future large-scale infrastructure development needs of Ukraine, official development assistance (ODA) support such as the Economic Development Cooperation Fund (EDCF) will also be actively considered."

At the meeting, Vice Minister Bang expressed sorrow over the many precious lives lost due to the Russia-Ukraine war and called for respect for Ukraine's sovereignty, territory, and independence, as well as an end to the conflict.

The OECD Ministerial Council Meeting is an annual event where ministers of finance, economy, and foreign affairs from 38 member countries gather to discuss the global economy and global issues and set the direction for OECD operations for the coming year.

This Ministerial Council Meeting discussed topics under the theme "The Future We Want: Better Policies for the Next Generation and Sustainable Transition," including the impact of the Ukraine situation, youth policies for a better future, infectious disease response, and green transition.

The OECD Ministerial Declaration strongly condemned Russia's invasion of Ukraine and included commitments to reject protectionism such as export controls on food, critical minerals, and energy.

Taking advantage of the OECD Ministerial Council Meeting, Vice Minister Bang held bilateral meetings on the 9th with Yuriko Bax, Luxembourg Minister of Finance, Yoshiki Takeuchi, OECD Deputy Secretary-General, and Alex Contreras, Deputy Minister of Finance and Economy of Peru, to discuss mutual cooperation measures.

On the 10th, he met with J?rgen Rigterink, Senior Vice President of the EBRD headquarters in London, UK, and signed agreements to contribute an additional $1 million each to the Korea Technical Assistance Cooperation Fund and the Sustainable Infrastructure Fund.

He also signed to support €2 million from the EBRD's multilateral trust fund for small and medium enterprises (SMEs) in Ukraine and neighboring countries. The Korea Technical Assistance Cooperation Fund is a bilateral Korea-EBRD trust fund established in 1993 to support the transition to market economies in Eastern European and Central Asian countries based on Korea's development experience.

The Sustainable Infrastructure Fund (formerly the Early Transition Countries Support Fund) is an EBRD multilateral trust fund established in 2004 to support the transition to market economies in Eastern European and Central Asian countries.

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