Government Joins G7-Led Ukraine Donor Platform... 'Expecting Expanded Opportunities for Reconstruction Projects'

Presidential Office "Closely Cooperating with G7 Countries"

The government has joined the Ukraine Donor Platform (Multi-agency Donor Coordination Platform for Ukraine·MDCP), a Ukraine reconstruction support consortium led by the Group of Seven (G7), as a new member country. As it becomes easier to monitor the progress of Ukraine's reconstruction and recovery process, it is expected that opportunities for Korean companies to participate in recovery projects will expand.

The Presidential Office announced on the 15th that the government officially joined as a new member country through the 8th MDCP Steering Committee held via video conference on the 14th.

The MDCP is a key donor coordination body launched in January last year under the leadership of the G7 to coordinate financial support for Ukraine and mid- to long-term reconstruction plans, as well as to discuss Ukraine's reform issues. So far, Ukraine, G7 member countries, the European Union (EU) Commission, the World Bank (WB), the European Bank for Reconstruction and Development (EBRD), and the International Monetary Fund (IMF) have participated in the MDCP.

Democratic market economy countries that have contributed or pledged an amount equivalent to 1 billion dollars and 0.1% of their gross domestic product can qualify as MDCP member countries. Contributions include financial support such as fiscal aid and recovery/reconstruction projects, but exclude humanitarian aid and military support.

[Image source=Yonhap News]

Our government announced the 'Ukraine Peace Solidarity Initiative' last July during President Yoon Suk-yeol's visit to Ukraine, and is providing comprehensive support covering security, humanitarian, and reconstruction sectors, including an additional 300 million dollars this year and a mid- to long-term support package exceeding 2 billion dollars from next year onward.

Following the establishment of a cooperative relationship with Poland, the closest neighboring country and a reconstruction hub, just before President Yoon's visit to Ukraine, it is expected that opportunities to participate in reconstruction projects will expand through this MDCP membership.

As of last year, Korea's participation in Ukraine reconstruction projects amounts to 52 billion dollars (approximately 69 trillion won), including a 20 billion dollar reconstruction project requested by the Ukrainian government in May and 32 billion dollars worth of private-led projects.

The government plans to closely cooperate with major countries in the international community such as the G7 through this MDCP membership, as it has expanded responsible contributions as a global pivotal country.

The Presidential Office explained, "We will continue to strive to ensure that our experience of overcoming the wounds of war and protecting liberal democracy and market economy can contribute to Ukraine's peaceful and democratic reconstruction and recovery."