South Korea to give Pakistan $1bn soft loan

ISLAMABAD: South Korea will provide $1 billion soft loan to Pakistan under the Economic Development Cooperation Fund.

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

Federal and provincial bodies will submit proposalsto the 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 support to Islamabad. According to a declaration, South Korea has assured funding in IT, health, communication, power and agriculture projects.