Islamabad: Pakistan and South Korea have signed a USD 500 million Framework Arrangement (2018-20) for the execution of several development projects, a news source reported.
This agreement will allow Pakistan to obtain funds from the Korean Exim Bank for pursuing its infrastructural projects.
The agreement was signed by Secretary Economic Affairs Division Noor Ahmed and South Korean Ambassador Kwak Sung-Kyu on behalf of their respective governments. Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh also attended the ceremony.
Under the agreement, South Korea will provide long-term concessional financing of up to USD 500 million for the execution of various development projects in the health, information technology, communications, agriculture, and energy sectors.
The Korean ambassador also held talks with Dr Abdul Hafeez Shaikh. . The two officials agreed to work on enhancing cooperation between the two countries.
Dr Shaikh appreciated the role and cooperation extended by South Korea for facilitating the development projects in Pakistan.
