Islamabad: Ambassador of the Republic of Korea Suh Sangpyo, on Wednesday (April 4) said the Korean government would increase Economic Development Cooperation Fund (EDCF) loans by up to USD 1 billion, – to be offered to Pakistan over five years (2022–26), according to news sources reported.
Previously, in 2019, Pakistan and Korea signed an agreement, under which, Korea was to provide USD 500 million of EDFC loans to support Pakistan’s infrastructure development.
Under the renewed framework, the Korean government will offer another USD 500 million for the construction of infrastructure in Pakistan. In addition, the ambassador said that the governments of both countries are working on various business opportunities and development projects, including automobile, transportation, hydropower, smartphones, and confectionery production sectors. Some of the other projects highlighted by the ambassador included:
Collaboration in EDCF and IT Parks with the inauguration of the Islamabad Technology Park in May 2021 Around 1,500 Pakistani students study in Korea in undergraduate and graduate programmes under the Global Korea Scholarship (GKS).
Self-sufficiency of virus-free potato seed multiplication and chilli production and post-harvest management technology development by Aeroponic Technique under the Korea Program on International Agriculture (KOPIA)
An MOU between the PMAS-Arid Agriculture University Rawalpindi and Chungbuk National University. The agreement would allow technical staff exchange for joint research and joint publication of research papers.
The Korean companies are working on Multiple hydropower projects worth USD 4 billion. These projects include K-Water, Daewoo E&C, Korea Southeast Power Corporation (KOEN), DL E&C, Lotte E&C, Korea Hydro & Nuclear Power Corporation (KHNP), Korea Overseas Infrastructure & Urban Development Corporation (KIND), Lotte, Sambu Construction, Hyundai Eng., Doosan.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
