South Korea ups Pakistan loan limit to $800 million

By Irfan Siddiqui
February 20, 2019

TOKYO: South Korea has jacked up its lending limit for Pakistan from $500 million to $800 million at an interest rate that is lower than offered by any other country/lender, a Pakistani envoy said.

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“South Korea extends loans for Pakistan's development projects at a lending rate of 0.1 percent, the lowest so far, by which a lot of projects are

being completed in the country,” Rahim Hayat, ambassador of Pakistan to South Korea, said while talking to The News in Tokyo, Japan.

Ambassador Hayat said the repayment of loan starts after 20 years, at 0.1 percent interest rate, and no other country in the world lends on such easy terms.

He said Korean government, after successful negotiations, had, in principal, approved an extension in its loan limit by $300 million raising it from $500 million to $800 million, which would help Pakistan launch new development projects in the country.

The ambassador said the $100 million information technology (IT) park project in Islamabad was also a great example of friendship with South Korea and “we are working with South Korean government to bring more big projects to Pakistan”.

The ambassador gave the credit for these achievements to the efforts of his team especially in diplomatic affairs including Sarah Sarwar, head of chancery and community welfare, and attaché Shafiq Haider.

“These officials are doing their best to help resolve problems faced by Pakistani community, while Pakistan Business Association is serving the best to promote business between Pakistan and South Korea in the leadership of Mudassir Cheema,” ambassador Hayat said.

He said due to his passionate diplomatic team’s putting their hundred percent into their endeavours, the mission’s overall performance had improved by leaps and bounds.

Hayat further said he also treasured the role of 2500 Pakistani students in South Korea that were brightening the name of Pakistan with their excellent academic performance while strengthening the bilateral relations between the two countries.

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