South Korea and the European Bank for Reconstruction and Development(EBRD) signed an agreement for Seoul to provide a Crisis Response Special Fund contribution worth 50 million U.S. dollars to support Ukraine's post-war reconstruction.

The finance ministry said on Friday the pact was signed when Kim Jae-hwan, director general of the ministry’s development finance bureau, met with EBRD Vice President for Policy and Partnerships Mark Bowman on the margins of the bank's annual meeting in Yerevan, Armenia that ended on Thursday.

The ministry said a separate South Korean account within the fund has been opened, which will prioritize areas of support such as energy, water resources and infrastructure.

Seoul also signed an agreement for an additional Korean Technical Assistance and Cooperation Fund(KTACF) contribution of one-point-44 million dollars, to be used to support countries trying to make the transition to a sustainable market economic system.

At the annual meeting, Kim urged the EBRD, which has mostly focused on crisis and disaster responses, to direct some resources toward preparing for the future, pledging that Seoul will offer support in the areas of digitization and green transition.