Rebuilding Ukraine: South Korea’s aid to Ukraine to increase to $2.3bn

South Korea will provide Ukraine with an aid package totalling $2.3 billion to rebuild its war-damaged infrastructure – $300 million will be allocated for humanitarian needs in 2024 and $2 billion in long-term assistance.

President Yoon Suk-yeol stated this at the G20 summit in India, The Korea Times reports.

“Since World War II, the international community has prohibited using force in international relations as a strict legal principle. To uphold this principle, the war in Ukraine must end, and peace must be restored immediately. Through solidarity with the international community, Korea will implement comprehensive support programmes that include security, humanitarian assistance and reconstruction,” the South Korean president stated.

According to Yoon Suk-yeol, the support package will start with $300 million in aid next year in various ways, including humanitarian assistance, development grants and funds from the World Bank or the European Bank for Reconstruction and Development.

The next step will be to provide $2 billion through the Economic Development Cooperation Fund, South Korea’s local programme for low-interest loans to developing countries. The President’s Office said that details on how to support Ukraine through the EDCF would be announced in 2025.

On 15 July, South Korean President Yoon Suk-yeol visited Ukraine. During a meeting with Ukrainian President Volodymyr Zelenskyy in Kyiv, he announced plans to increase military aid to Ukraine compared to 2022.