South Korea commits $1bn loan to Pakistan for next 5 years
Pakistan and South Korea signed a $1 billion agreement for the completion of various development projects in the areas of IT, social and infrastructure under the Economic Development Cooperation Fund (EDCF).
According to the Ministry of Economic Affairs, South Korea will provide long-term, highly concessional financing of up to $1 billion.
According to a statement issued by the Ministry of Economic Affairs, the agreement was signed on behalf of Pakistan by Secretary Economic Affairs Asad Haya-ud-Din, while the agreement was signed on behalf of South Korea by the Korean Ambassador.
According to the statement, South Korea has committed to complete IT, health, communications, and agriculture and energy projects in Pakistan under the Economic Development Cooperation Fund (EDCF).