Deputy Prime Minister Choo Kyung-ho held a bilateral meeting with his Ukrainian counterpart Yulia Svyrydenko and signed a ‘preliminary agreement between the Government of the Republic of Korea and the Government of Ukraine on the loan of the Economic Development Cooperation Fund (EDCF)’ in Seoul on May 17.
The Korean government provided Ukraine US $100 million in humanitarian aid last year and expressed its willingness to provide additional support worth US $130 million in February this year.
The two governments have been discussing a loan agreement, which is a procedural requirement for supporting Ukraine through the EDCF, and with the recent completion of working-level consultations between the two governments, both sides signed a preliminary agreement during the Ukrainian Deputy Prime Minister’s visit to Korea ahead of official signing. In a bilateral meeting before the signing ceremony, the two sides agreed to fully cooperate with the followup procedures, such as exploring new projects to make supports through the EDCF hereafter.
The EDCF loan agreement signed by both sides will take effect upon the completion of necessary domestic procedures and official signing by the two countries.