Revamping Railways: Ukraine Collaborates with Korea
The Vice Prime Minister of Ukraine, Minister for Communities and Territories Development Oleksii Kuleba, met in Seoul with representatives from Eximbank Korea and the Economic Development Cooperation Fund of the Republic of Korea (EDCF) to discuss the modernization of Ukraine's railway system.
This meeting was part of a working visit by the Ukrainian delegation to Korea. The financing of the procurement of 20 high-speed electric trains was discussed, which will significantly enhance passenger transport volumes and modernize the 'Ukrzaliznytsia' fleet.
Kuleba also held talks with manufacturers of passenger rolling stock, presenting them with a vision for the development of Ukraine's railways and the need for fleet modernization.
The ministry noted that Korea has opened a framework for concessional financing of up to $2.1 billion for 2024-2029. This is one of the largest financial instruments supporting Ukraine from Asian partners. The first tranche of $100 million has already helped maintain financial stability amid the war.
It is worth noting that on September 10, the Cabinet of Ministers of Ukraine approved a draft letter to the government of the Republic of Korea regarding the provision of a loan for the project 'Procurement of 20 high-speed electric trains of Korean production.'
