Korea to provide long term concessional financing upto $500m

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Staff Report

Islamabad

Pakistan and Republic of Korea signed a Framework Arrangement amounting to US$500 Million, here Wednesday.

The Ceremony was witnessed by Dr Abdul Hafeez Shaikh, Adviser to the Prime Minister on Finance, Revenue and Economic Affairs.

The Economic Affairs Division Secretary Mr Noor Ahmed and Ambassador of the Republic of Korea, Kwak Sung-Kyu, signed the Framework Arrangement on behalf of their respective Governments. Under the signed Framework Arrangement (2018-20), Republic of Korea will provide long term concessional financing up to US$ 500 Million for execution of various development projects in Health, Information Technology, Communication, Agriculture, and Energy etc.

Earlier, the Ambassador called on the Adviser and discussed matters pertaining to enhancement of bilateral cooperation between the two countries. The Adviser informed the envoy that Pakistan attached significant importance to its ties with the Republic of Korea which had so many layers of cooperation with Pakistan in both public and private sectors.

The Adviser appreciated the role and cooperation extended by the Republic of Korea for development projects in Pakistan. He said that the economic relations between the two countries would be further strengthened with the passage of time and Framework Arrangement will enable Pakistan to seek financing from Korean Exim Bank for development of various Infrastructure Projects in Pakistan.

The Ambassador of the Republic of Korea hoped that this Framework Arrangement would be instrumental in backing up the economic policies and initiatives being pursued by the new Pakistani government. He said that the Arrangement would go a long way in further strengthening bilateral cooperation. He also said that Korea would extend all possible cooperation for economic development of Pakistan, which would be greatly conducive to promoting bilateral relations in the years ahead.