ISLAMABAD: Pakistan and Republic of Korea signed a framework arrangement amounting to $500 million here on Friday, according to a report published on the Radio Pakistan website.

Under the signed framework arrangement South Korea will provide assistance in the completion of various projects related to hydropower, road infrastructure, improvement of power distribution system, information technology and health sector.

Muhammad Saleem Sethi, Secretary Economic Affairs Division and Dr Song Jong-hwan, Ambassador of the Republic of Korea signed the Framework on behalf of their respective governments.

Finance Minister Senator Ishaq Dar, who witnessed the signing ceremony, appreciated the role and cooperation extended by South Korea for development projects in Pakistan.

He said that the economic relations between the two countries would be further strengthened with the passage of time and the framework arrangement will enable Pakistan to seek financial help from Korea's 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.