The EDCF and the Ministry of Economic Affairs (MoEA) signed an Aide-Mémoire to chart a mid-term plan for implementation of development projects between 2024-2026 in Islamabad on 10th May, 2024

Government of Pakistan
Ministry of Economic Affairs

Islamabad: 10th May, 2024

PRESS RELEASE

Pakistan and Korea Sign Aide-Mémoire for Enhanced Development Cooperation 2024-2026

The Economic Development Cooperation Fund (EDCF) Country Programme Mission from the Export-Import Bank of Korea (KEXIM) wrapped up its two-day visit to Pakistan. The EDCF and the Ministry of Economic Affairs (MoEA) signed an Aide-Mémoire to chart a mid-term plan for implementation of development projects between 2024-2026. The signing of Aide-Mémoire represents a key milestone in deepening economic ties between Pakistan and the Republic of Korea.

The Aide-Mémoire was signed by Mr. Sajid Manzoor Asadi, Joint Secretary, Ministry of Economic Affairs, and Mr. Bonhyun Koo, Director of the Asia Team, EDCF Mission. The signing was witnessed by Dr. Kazim Niaz, Secretary of the Ministry of Economic Affairs and other officials from the MoEA and EDCF. Additionally, a project concept for the construction of a Pediatric Hospital in Jamshoro was signed, with EDCF committing USD 60 million in financing for the hospital’s construction in Sindh.

During the course of the visit, the EDCF Mission engaged with various government departments in Pakistan, including the Ministry of Planning, the National Highway Authority, Provincial Planning & Development Departments, and others, to discuss and refine the proposed development agenda. The EDCF mission’s objectives also included knowledge sharing and capacity building, which both sides agreed to further enhance in the coming years.

In total, the EDCF has committed an indicative USD 900 million for lending to Pakistan over the next three years, with an additional USD 2 million allocated for technical assistance. This commitment will support high-priority projects, which will be further refined during an upcoming Policy Dialogue.  

The Secretary, Ministry of Economic Affairs and Director, Asia team, EDCF Mission, emphasized their shared commitment to promoting sustainable development and fostering stronger economic cooperation. They highlighted that the Aide-Mémoire underscores the commitment of both sides to work towards sustainable development through projects in priority sectors, including transport, healthcare, energy, and information and communication technology (ICT). They expressed gratitude to all stakeholders for their support and collaboration.