ISLAMABAD - South Korea will provide long-term concessional financing up to 500 million dollars for execution of various development projects in Health, Information Technology, Communication, Agriculture, and Energy.
To this, a Framework Arrangement was signed in Islamabad today in the presence of Prime Minister's Adviser on Finance Dr. Abdul Hafeez Shaikh.
Secretary Economic Affairs Division Noor Ahmed and Korean Ambassador Kwak Sung-Kyu signed the Framework Arrangement.
Earlier, the Ambassador called on the Adviser and discussed matters pertaining to enhancement of bilateral cooperation between the two countries.
The Adviser said Framework Arrangement will enable Pakistan to seek financing from Korean Exim Bank for development of various Infrastructure Projects in Pakistan.
The Ambassador hoped that this Framework Arrangement would be instrumental in backing up the economic policies and initiatives being pursued by the new Pakistani government.