Ukrainian Finance Ministry signs agreement on borrowing $100 mln from Export-Import Bank of Korea
MOSCOW. Oct 3 (Interfax) - Ukrainian Finance Minister Sergei Marchenko has signed an agreement with the Export-Import Bank of Korea to raise a loan of $100 million, Ukrainian media said, citing a statement on the Finance Ministry's website.
The bank will provide a 20-year loan at 1% annual interest and with a five-year grace period, the ministry said.
This money will be the first financial support to be received by the Ukrainian budget from South Korea, it said.
"Further projects to be implemented within the framework of bilateral cooperation with the Korean side will be aimed at supporting Ukraine's economic development and will contribute to further mutually beneficial cooperation between the countries," Marchenko was quoted by the report as saying.
In April, Ukraine and South Korea signed an agreement that will allow Ukraine to borrow up to $2.1 billion from South Korea in 2024-2029.