Korean govt to allocate $10 mln for infrastructure projects in Ukraine – Economy Ministry
The Ministry of Economy and Finance of the Republic of Korea has launched a new Economic Innovation Partnership Program (EIPP) with Ukraine for the next four years, for which the Korean government will allocate $10 million, according to a statement on the website of the Ministry of Economy of Ukraine on Friday.
As reported by the Ministry of Economy, the initiative provides for the provision of strategic consultations, development of projects and pre-project studies aimed at long-term economic cooperation between the two countries. It is expected that up to 25 initiatives can be implemented under this program in total.
During a meeting with the First Deputy Minister of Economy of Ukraine Oleksiy Sobolev, representatives of the delegation of Korea Overseas Infrastructure & Urban Development Corporation (KIND) told which projects would be prioritized.
The Ministry of Economy, in turn, noted that they see great prospects in partnership with KIND within the framework of the new program in both the public and private sectors, in particular regarding the possible inclusion in the financing of priority initiatives for the government within the Unified Project Portfolio of Public Investments, as well as private projects presented in the investment guide.
"We hope for KIND's participation in the technical preparation of projects, as we do within the PPF and PPU with the World Bank, the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD). Another promising direction is privatization – consulting assistance and attracting investors," the press service of the department said, citing Sobolev.
The Ministry of Economy reported that KIND is ready to join the general planning of industrial parks in Ukraine and work on reducing risks for investors. They discussed the possibilities of involving the Republic of Korea in cooperation with the Multilateral Investment Guarantee Agency MIGA and with export credit agencies to expand mechanisms for insurance of war risks.
The parties also agreed to coordinate work on each of the areas of cooperation, as well as sign a memorandum of understanding, which would allow starting work on the selection of projects for financing and implementation.
The Korean state corporation KIND has been implementing projects for the restoration of Ukraine for over two years, in particular the transport master plan of Kyiv region, the plan for the reconstruction and restoration of Ukrainian airports, the renovation of the railway and other projects with the participation of cities and municipalities.
