Porto-Franco City

The Vice Prime Minister for Reconstruction - Minister of Community and Territorial Development Oleksii Kuleba held a meeting in Seoul with Hwan Ki-yong, a board member of Eximbank Korea, to discuss the modernization of Ukrainian railways.

This was reported by the press service of the Ministry of Development.

The meeting was part of the working visit of the Ukrainian delegation to the Republic of Korea. The main topic was the funding for the procurement of 20 high-speed electric trains produced in Korea, which will significantly increase passenger transport volumes, alleviate the shortage of seats during peak periods, and refresh the fleet of «Ukrzaliznytsia».

Kuleba also met with manufacturers of passenger rolling stock, presenting the vision for the development of Ukrainian railways and the needs for updating rolling stock.

The ministry noted that Korea has already opened a framework opportunity for Ukraine for concessional financing of up to $2.1 billion for the years 2024-2029. This has become one of the largest financial instruments of support 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 draft letter to the government of the Republic of Korea during the meeting 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».