Business

ISLAMABAD (APP) – Pakistan and Republic of Korea here on Friday signed a Framework Arrangement amounting to $500 million for different developmental projects.


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Secretary Economic Affairs Division, Muhammad Saleem Sethi, and Ambassador of the Republic of Korea, Dr. Song Jong-hwan signed the Framework on behalf of their respective governments.

Under the signed Framework Arrangement, various projects in hydropower, road infrastructure, improvement of power distribution system, information technology and health sector will be completed, with assistance from Korea.

Finance Minister Senator Mohammad Ishaq Dar who witnessed the signing ceremony appreciated the role and cooperation extended by 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 Energy and other Infrastructure Projects in Pakistan.

Speaking on the occasion, Ambassador of the Republic of Korea said that Korea would extend all possible cooperation for economic development of Pakistan.