Islamabad: The Republic of Korea (South Korea) will offer Pakistan USD 1 billion in long-term concessional credit for infrastructure development programmes, news sources reported on June 10. The soft loan will be focused on the development of sustainable infrastructure in various development fields in the country.
Reportedly, the agreement was signed between the Ambassador of Korea to Pakistan, Suh Sang Pyo, and Federal Minister for Economic Affairs Sardar Ayaz Sadiq. Both countries signed a Framework Arrangement (2022-26) on June 09. As per the agreement, the Republic of Korea will offer soft, long-term loans for the development of health, communication, agriculture, and energy sectors with a special focus on information technology (IT) sectors.
It was revealed that the funds would especially focus on the development of IT infrastructure in the country. It is important to mention here that the Korean government is already investing in a major development, automobile, healthcare, and infrastructure development projects in the country.
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