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South Korea to offer $52 billion for Ukraine's reconstruction projects

by Martin Fornusek July 14, 2023 1:06 PM 2 min read
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South Korea will offer assistance worth $52 billion to Ukraine's reconstruction projects, the Korea Herald reported on July 14, citing South Korea's presidential office.

The Ukrainian government has requested the involvement of South Korean companies in around 5,000 projects, estimated at $20 billion, said presidential economic secretary Choi Sang-mok.

In addition, Seoul will extend support to the Ukrainian private sector worth $32 billion, the Korea Herald cited Choi.

The assistance will focus on the construction of schools, housing, and hospitals. Seoul also plans to assist Ukraine in rebuilding water infrastructure after the destruction of the Kakhovka dam, the outlet wrote.

The private sector aid will reportedly encompass nuclear power plants, airport reconstruction, construction machinery, railway vehicles, and information technology.

During a visit to Poland that took off on July 13, South Korea's President Yoon Suk Yeol said that Seoul will cooperate with Warsaw on the reconstruction projects.

According to the World Bank's assessment from March, Ukraine will need at least $411 billion for recovery and reconstruction. This figure equals 2.6 times Ukraine's projected gross domestic product in 2022.

The Asian country has previously provided Ukraine with humanitarian aid and promised additional assistance of $230 million. At least publicly, Seoul has been hesitant to provide military assistance despite Kyiv's appeals.

On May 25, the Wall Street Journal however reported that South Korea may transfer artillery rounds to Ukraine under a "confidential arrangement" with the U.S.

Halushka, Shevchuk: A call to put Russian assets toward Ukraine’s reconstruction
Last week, the U.K. co-hosted the Ukraine Recovery Conference in London. Held on June 20-21, the event was dedicated to mobilizing the public and private sectors for Ukraine’s recovery. While a lot of brilliant plans were voiced, the elephant in the room remained the question of who will
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