South Korea Grants Ukraine $100 Million Loan in Support of Social Sector

Ukraine has secured a concessional loan of $100 million from South Korea, Ukrainian Prime Minister Denys Shmyhal announced on November 29.

According to the Ministry of Finance of Ukraine, the funds will contribute to supporting the country’s social sector.

In April, Ukraine and South Korea signed an agreement enabling the allocation of up to $2.1 billion in loans to Ukraine over the period 2024-29.

Earlier, a Ukrainian delegation, led by Defense Minister Rustem Umerov, visited the Republic of Korea regarding providing Ukraine with military aid on November 27. South Korea reportedly denied Ukraine’s arms request due to the high risk of violating South Korean foreign trade laws, which restrict exports to war zones.

South Korea has provided humanitarian and non-lethal aid to Ukraine, but has refrained from supplying weapons due to legislative constraints.