The Korean government will allocate $10 million for the implementation of infrastructure projects in Ukraine. The Ministry of Economy and Finance of the Republic of Korea has launched a new Economic Innovation Partnership Program (EIPP), which Korea will implement in cooperation with Ukraine over the next four years.
The initiative provides for strategic consulting, project development, and pre-feasibility studies aimed at fostering long-term economic cooperation between Ukraine and the Republic of Korea. It is expected that up to 25 initiatives could be implemented under the program.
Priority sectors and projects for funding were discussed during a meeting between Ukraine’s First Deputy Minister of Economy, Oleksii Sobolev, and representatives of the Korea Overseas Infrastructure & Urban Development Corporation (KIND).
"We see great potential in partnering with KIND under this new program, both in the public and private sectors. This includes potential funding for government-priority initiatives under the Unified Public Investment Project Portfolio, as well as private sector projects featured in the Investment Guide. We hope for KIND’s involvement in the technical preparation of projects, similar to what we are doing under PPF and PPU with the World Bank, EIB, and EBRD. Another promising area is privatization — providing advisory support and attracting investors,” emphasized First Deputy Minister Sobolev.
KIND has already been involved in Ukraine’s recovery for more than two years. Projects include the transport master plan for Kyiv region, plans for the reconstruction and restoration of Ukrainian airports, railway renovation, and other projects in cooperation with cities and municipalities.
KIND is also ready to assist in master planning for industrial parks in Ukraine and in efforts to reduce risks for investors. The parties discussed the possibility of Korea’s involvement with the Multilateral Investment Guarantee Agency (MIGA) and export credit agencies to expand mechanisms for insuring against war-related risks.
As a result of the meeting, both sides agreed to coordinate efforts across all areas of cooperation and to sign a memorandum of understanding, which would allow the process of selecting projects for funding and implementation to begin.
