South Korea to provide $1b loan to Pakistan

ISLAMABAD – Pakistan, and Korea inked a $1 billion agreement for the completion of various development projects under the Economic Development Cooperation Fund.

Reports in local media said Secretary of the Ministry of Economic Affairs, Mian Asad Hayaud Din, and the Ambassador of the Republic of Korea, Suh Sangpyo, signed the agreement. Federal Minister for Economic Affairs, Sardar Ayaz Sadiq, and other senior officials were also present at the ceremony.

Federal and provincial bodies will submit proposals to Economic Affairs Division to avail funding for projects aimed at uplifting citizens.

The minister and the Secretary EAD appreciated the Korean ambassador for paving the way for reaching an agreement and commended the Republic of Korea for its everlasting support to Islamabad.

Seoul and Islamabad have always enjoyed cordial relations and Korea aimed to further enhance the bilateral relations between the two countries to new heights, the minister maintained.