Pakistan, Korea ink $500 million framework agreement

ISLAMABAD: Pakistan and the Republic of Korea signed a framework agreement amounting to US$500 million in Islamabad on Friday which will enable Pakistan to complete various projects with Korean assistance.

The projects include improvement of Power distribution systems, hydro-power, road infrastructure, information technology as well as the Health Sector.

The Secretary Economic Affairs Division and the Ambassador of the Republic of Korea signed the Framework on behalf of their respective governments.

On the occasion, Finance Minister Senator Ishaq Dar appreciated the role and cooperation extended by the Republic of Korea for development projects in Pakistan.

He said the Framework Arrangement will enable Pakistan to seek financing from Korean Exim Bank for development of Energy and other Infrastructure Projects in Pakistan.

The Ambassador of the Republic of Korea said that Korea would extend all possible cooperation for economic development of Pakistan.