South Korea to provide USD 200 million in humanitarian aid to Ukraine this year

South Korea will administer US$200 million in humanitarian assistance for Ukraine this year as part of its pledged aid package worth $2.3 billion for its recovery efforts following its war with Russia, Yonhap reports citing South Korea's finance minister.

Finance Minister Choi Sang-mok presented the plan during the Ukraine roundtable held in Washington on Wednesday, as President Yoon Suk Yeol vowed to provide an additional $2.3 billion in aid for Ukraine during the Group of 20 (G20) summit in New Delhi in September 2023.

According to the report, Choi said the Seoul government plans to provide the initial $200 million this year in the form of humanitarian aid for responses to emergency needs in Ukraine, and the remaining $2.1 billion will be administered as long-term, low-interest loans through the Economic Development Cooperation Fund (EDCF) starting in 2025, according to the Ministry of Economy and Finance.

South Korea also will donate $50 million each to the World Bank and the European Bank for Reconstruction and Development for their projects to help Ukraine, the ministry said.