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South Korea will provide $1 billion soft loan to Pakistan under the Economic Development Cooperation Fund to help South Asian nation to mitigate its economic woes.
According to media reports, Federal Secretary for Economic Affairs Mian Asad Hayauddin, and Ambassador of the Republic of Korea Suh Sangpyo signed an agreement in the capital Islamabad. 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 human resource development.
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.
