ISLAMABAD: Pakistan and Korea on Wednesday signed a $500 million Framework Arrangement 2018-20 for the execution of various development projects.

The framework arrangement will enable Pakistan to seek financing from Korean Exim Bank for development of various infrastructure projects.

Secretary Economic Affairs Division Noor Ahmed and Ambassador of the Korea Kwak Sung-Kyu, signed the framework arrangement on behalf of their respective governments. Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh was also present on the occasion.

Under the signed framework arrangement, the Republic of Korea will provide long-term concessional financing up to $500m for execution of various development projects in health, information technology, communications, agriculture and energy sectors.

Earlier, the Korean ambassador called on adviser to the prime minister and discussed matters pertaining to enhancement of bilateral cooperation.

Dr Shaikh informed the envoy that Pakistan attached significant importance to its ties with the Republic of Korea.

The adviser appreciated the role and cooperation extended by Korea for development projects in Pakistan.

The Korean ambassador hoped that the arrangement would be instrumental in backing up the economic policies and initiatives being pursued by the new Pakistani government and would further strengthen bilateral cooperation.

Published in Dawn, April 25th, 2019