Deputy Prime Minister for Reconstruction Oleksii Kuleba met in Seoul with Hwan Ki-youn, a board member of Eximbank Korea, and representatives of the Economic Development and Cooperation Fund of the Republic of Korea to discuss the modernization of Ukraine's railway system.

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

The meeting was part of a working visit by the Ukrainian delegation to South Korea, where the funding for the purchase of 20 high-speed electric trains was discussed, significantly increasing passenger transport capacity and modernizing the fleet of «Ukrzaliznytsia».

Kuleba also engaged with manufacturers of passenger rolling stock, where the vision for the development of the Ukrainian railway and the needs for fleet modernization were presented.

The ministry highlighted that Korea has already opened a framework opportunity for Ukraine for concessional financing of up to $2.1 billion for 2024-2029, making it one of the largest financial support tools from partners in Asia. The first tranche of $100 million has already helped maintain financial stability and timely social payments amid the war.

Remember, the Cabinet of Ministers approved a draft letter to the government of the Republic of Korea on September 10 regarding a loan for the implementation of the public investment project «Purchase of 20 high-speed electric trains produced in Korea».