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| ▲ South Korean Finance Minister Choo Kyung-ho (R) shakes hands with European Bank for Reconstruction and Development President Odile Renaud-Basso on the margins of the G20 Finance Ministers and Central Bank Governors Meeting in Gandhinagar, western India, on July 17, 2023, in this photo provided by the Ministry of Economy and Finance. (PHOTO NOT FOR SALE) (Yonhap) |
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| ▲ South Korean Finance Minister Choo Kyung-ho (L) shakes hands with World Bank President Ajay Banga on the margins of the G20 Finance Ministers and Central Bank Governors Meeting in Gandhinagar, western India, on July 18, 2023, in this photo provided by the Ministry of Economy and Finance. (PHOTO NOT FOR SALE) (Yonhap) |
S Korea-Ukraine reconstruction
S. Korean finance minister discusses Ukraine reconstruction with EBRD, World Bank
By Kang Yoon-seung
SEOUL, July 18 (Yonhap) -- South Korea will proactively contribute to global efforts to rebuild Ukraine and expand its commitment to related funds managed by multilateral development banks, Finance Minister Choo Kyung-ho said Tuesday.
Choo made the remarks during his meeting Monday with European Bank for Reconstruction and Development (EBRD) President Odile Renaud-Basso on the margins of the G20 Finance Ministers and Central Bank Governors Meeting, which kicked off for a two-day run on that day in India, according to the Ministry of Economy and Finance.
During the meeting, Choo said South Korea plans to proactively participate in reconstruction projects leveraging its own experiences in economic development. He also vowed to contribute to the EBRD Crisis Response Special Fund, which was launched in 2022.
The finance ministry did not unveil the exact amount of the planned commitment. Currently, 11 countries have chipped in 880 million euros (US$989 million) to the fund aimed at supporting Ukraine's reconstruction projects.
Choo also met World Bank President Ajay Banga on Tuesday and vowed Asia's No. 4 economy will provide $10 million to the Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund managed by the Washington-based bank within the year.
The finance minister requested the World Bank's support for competitive South Korean companies seeking to engage in upcoming reconstruction projects in Ukraine.
In response, Banga acknowledged that South Korea's experience in rebuilding the country after the devastating Korean War and its successful transition from an aid recipient to a donor nation would be invaluable in assisting the reconstruction efforts.
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