Pakistan, South Korea sign $500m development framework

Published October 3, 2015
ISLAMABAD: Secretary Economic Affairs Division Muhammad Saleem Sethi and Ambassador of the Republic of Korea Dr Song Jong-hwan exchange documents after signing the agreement on economic cooperation on Friday.
ISLAMABAD: Secretary Economic Affairs Division Muhammad Saleem Sethi and Ambassador of the Republic of Korea Dr Song Jong-hwan exchange documents after signing the agreement on economic cooperation on Friday.

ISLAMABAD: The Republic of Korea and Pakistan on Friday signed a Framework Arrangement amounting to $500 million for different development projects.

Secretary Economic Affairs Division Muhammad Saleem Sethi and South Korean Ambassador Dr Song Jong-hwan signed the framework on behalf of their respective governments.

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

Finance Minister Ishaq Dar was present at the ceremony.

Dar appreciated the cooperation extended by South Korea for development projects in Pakistan.

Under the framework, Pakistan will be able to seek financing from Korean Exim Bank for development of energy and other infrastructure projects, he added.

On the occasion, Dr Jong-hwan said that South Korea would extend all possible cooperation for economic development of Pakistan.

Published in Dawn October 3rd, 2015

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