February 19, 2024
SEOUL – South Korea has joined the Multi-agency Donor Coordination Platform for Ukraine as a member country on Wednesday along with the Netherlands, Norway and Sweden to contribute to the post-war reconstruction of the country at war with Russia, the presidential office said on Thursday.
The new membership was confirmed during the meeting of the MDCP’s steering committee held virtually Wednesday. Denmark, Spain, Estonia, Latvia, Lithuania, and Poland also joined the platform as observers.
Before the announcement, the Group of Seven member countries — Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States — along with the European Union, the World Bank, and the International Monetary Fund were members of the multi-agency platform. They founded the platform in January 2023.
“South Korea has expanded its responsible contribution to the international community as a pivotal state,” South Korea’s presidential office said in a statement.
“Joining the MDCP, South Korea will continue to closely coordinate with the Group of Seven countries and help the country achieve peaceful and democratic post-war reconstruction based on our experience of rising from the ashes of the (Korean War) and protecting the liberal democracy and market economy.”
The office added that the membership will allow South Korea to closely monitor the reconstruction progress in Ukraine and have better access to opportunities for South Korean companies to jump in. The international platform has set demining, housing construction, energy infrastructure, transportation, private-sector support and other critical and social infrastructure as priority recovery needs.
South Korea has unveiled a combined $2.3 billion commitment for post-war reconstruction. Solely for this year, Seoul will contribute $300 million to the war-torn country. These plans were confirmed in September at the Group of 20 summit in New Delhi, India, two months after President Yoon Suk Yeol met his Ukrainian counterpart Volodymyr Zelenskyy, where Yoon promised nonlethal military aid and humanitarian support.
A country with at least a $1 billion commitment for reconstruction purposes, which translates into at least 0.1 percent of the national gross domestic product, would be qualified to become a member country of the MDCP.
According to Ukraine’s Finance Ministry, the new four member countries including South Korea have committed $5.5 billion for Ukraine’s economic recovery. The Ukrainian government added that the participants of the platform condemned Russia’s aggressive war against Ukraine.