South Korea will provide 100 million U.S. dollars to multilateral development banks next year and offer another 200 million dollars in humanitarian aid to support war-ravaged Ukraine.

In an economy ministers' meeting on Monday, finance minister Choo Kyung-ho announced the allocations.

A further two billion dollars will be put toward Seoul’s economic development cooperation fund in the mid to long term to enable local firms to contribute toward Ukraine's infrastructure reconstruction and modernization.

The announcement outlines the aid package first pledged by President Yoon Suk Yeol while attending a Group of 20 Summit in New Delhi in September.

Seoul will also push to sign economic partnership agreements(EPA) with eight countries with vast resources as well as population and growth potential, namely Kenya, Tanzania, Morocco, Thailand, Pakistan, Bangladesh, Serbia and the Dominican Republic.

The EPA is a form of a free trade agreement with reinforced flexibility and elements of cooperation.