This aid is intended to assist Ukraine in its efforts to restore peace and rebuild following its conflict with Russia.
President Yoon outlined the aid package, stating that South Korea would provide an initial $300 million in 2024 as humanitarian assistance, followed by $2 billion in the form of long-term, low-interest loans through the Economic Development Cooperation Fund (EDCF) starting in 2025.
The EDCF program was initiated by South Korea in 1987 to support economic and social infrastructure projects in developing countries.
In addition to the aid commitment, President Yoon expressed his commitment to strengthening the role of multilateral development banks in addressing new global challenges. He highlighted the importance of these institutions in tackling issues such as the climate crisis, food security, and energy security. Yoon called for an increase in the financial resources of these banks and a swift reorganization of their use to help low-income nations manage their debts.
Furthermore, President Yoon pledged to take a lead in discussions aimed at establishing a rules-based digital order. He stressed the need for such an order to promote digital innovations while preventing the misuse of digital technologies and narrowing the digital divide among nations. Yoon had previously proposed the creation of an international organization in June, tasked with setting digital rules, showcasing his commitment to this cause.
The announcement made by President Yoon Suk Yeol underscores South Korea's commitment to global cooperation and its active role in addressing pressing international issues. (ILKHA)