Revamping Railways: Ukraine and Korea Join Forces
Deputy Prime Minister for Reconstruction and Minister of Community and Territorial Development of Ukraine, Oleksiy Kuleba, met in Seoul with Eximbank Korea board member Hwan Ki-yong and representatives from the Economic Development and Cooperation Fund of the Republic of Korea (EDCF) to discuss the modernization of Ukraine's railway system.
This was reported by the press service of the Ministry of Development.
The meeting took place during a working visit of the Ukrainian delegation to the Republic of Korea, focusing on financing the purchase of 20 high-speed electric trains produced in Korea. This initiative aims to significantly enhance passenger transport capacity, address seat shortages during peak times, and renew the fleet of «Ukrzaliznytsia».
Kuleba also met with passenger rolling stock manufacturers, presenting them with a vision for the development of Ukraine's railways and the need for updates in rolling stock.
The ministry noted that Korea has already opened a framework for preferential financing for Ukraine amounting to $2.1 billion for the years 2024-2029. This has become one of the largest financial support instruments for Ukraine from partners in Asia. The first tranche of $100 million has already helped maintain financial stability and timely social payments amid the war.
We remind you that the Cabinet of Ministers approved a project letter to the government of the Republic of Korea on September 10 regarding the provision of a loan for the implementation of the public investment project «Purchase of 20 high-speed electric trains produced in Korea».
