Choo Kyung-ho "Actively Participate in Ukraine Reconstruction"... Plans to Donate 10 Million USD to URTF

[Image source=Yonhap News]

The government has begun full-scale development finance support for the reconstruction of Ukraine.

The Ministry of Economy and Finance announced on the 18th that Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, who is visiting Gandhinagar, India to attend the G20 Finance Ministers and Central Bank Governors Meeting, held successive meetings with heads of international financial institutions to discuss ways to participate in Ukraine reconstruction projects.

On the morning of the same day, Deputy Prime Minister Choo met with Ajay Banga, President of the World Bank (WB), and expressed support for the World Bank's ongoing efforts to assist Ukraine's recovery.

Deputy Prime Minister Choo stated, "The Korean government plans to provide a loan of 10 million dollars this year to the World Bank's 'Ukraine Recovery, Stability, and Reconstruction Fund' (URTF) through close cooperation with related agencies such as the Ministry of Foreign Affairs," and requested, "We ask the World Bank to cooperate to expedite the support procedures."

He also said, "Please pay close attention so that Korean companies and personnel with rich development experience and capabilities can actively participate in the World Bank's upcoming Ukraine reconstruction projects."

In response, President Banga replied, "Korea's financial and technical contributions are important, but Korea's unique development experience, having transformed from a recipient country to a donor country through the post-Korean War recovery process, will be of great help."

Earlier, on the 17th, Deputy Prime Minister Choo also met with Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD), the largest institutional investor in Ukraine, to discuss ways to participate in reconstruction projects.

Deputy Prime Minister Choo stated, "We actively support EBRD's prompt and flexible support for Ukraine and agree with the general capital increase," and added, "Based on Korea's experience of successful reconstruction and economic growth, we will actively participate in Ukraine's post-war reconstruction projects."

This content was produced with the assistance of AI translation services.