Framework Arrangement amounting to US$ 500 million signed between Pakistan and Republic of Korea

Pakistan and Republic of Korea signed a Framework Arrangement amounting to US$500 million here on Friday.

Finance Minister Senator Mohammad Ishaq Dar who witnessed the signing ceremony appreciated the role and cooperation extended by Republic of 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 Framework Arrangement will enable Pakistan to seek financing from Korean 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.

Mr. 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.

Under the signed Framework Arrangement, various projects in Hydropower, Road Infrastructure, Improvement of Power distribution system, Information Technology and Health Sector will be completed, with assistance from Korea