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News Briefing
Korea and EBRD to boost ties for postwar reconstruction and recovery in Ukraine
Jul 2023
First Vice Minister of the Ministry of Economy and Finance Bang Ki-sun met with Mark Bowman, Vice President for Policy and Partnerships at the European Bank for Reconstruction and Development (EBRD), the largest institutional investor for Ukraine, on June 9 and expressed Korea’s commitment to strengthening solidarity with the Ukrainian government and people.

VM Bang introduced the Korean government’s efforts to support Ukraine, including a new financial aid package worth US $130 million under the Economic Development Cooperation Fund (EDCF), underscoring Korea’s pledge to actively support the reconstruction and recovery of Ukraine. In addition, VM Bang discussed detailed measures to expand Korean companies’ participation in these efforts, such as holding a special info session for the EBRD’s projects in Ukraine at the Multilateral Development Bank (MDB) Project Plaza to be held in the second half of the year.

Furthermore, VM Bang appreciated the EBRD’s leading role in the international community’s support for Ukraine’s recovery by building innovative platforms such as the Ukraine Investment Platform that was launched in May 2023 and proposed to jointly review possible measures for Korea to participate in the consultative body of international development financial institutions in the future.

As a result of the meeting, Korea newly contributed US $4.5 million to the Special Fund for High Impact Partnership on Climate Action (HIPCA), which is the EBRD’s multilateral fund, and additionally contributed US $2 million to the Korean Technical Assistance and Cooperation Fund (KTACF) and US $1 million to the Sustainable Infrastructure Fund (SIF).