Pakistan and South Korea have signed a framework agreement for various development projects worth $500 million, due to be completed by 2020.
South Korea will provide long-term concessional financing of up to $500 million for the execution of various development projects in Health, Information Technology, Communication, Agriculture, and Energy sectors.
To this end, 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 the 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 statement added.
Shaikh appreciated the role and cooperation extended by the Korean government for development projects in Pakistan. He said the economic relations between the two countries would be further strengthened with the passage of time and the framework arrangement will enable Pakistan to seek financing from Korean Exim Bank for development of various infrastructure projects in Pakistan.
He hoped that this Framework Arrangement would be instrumental in backing up the economic policies and initiatives being pursued by the new Pakistani government.
South Korea would extend all possible cooperation for the economic development of Pakistan, which would be greatly conducive to promoting bilateral relations in the years ahead, said the statement.