South Korea to spend $500m on development projects in Pakistan

Amount will be spent on projects, including hydropower, road infrastructure, information technology and health

Republic of Korea said on Friday it will provide $500 miilion to Pakistan for completion of different projects, including hydropower, road infrastructure, information technology and health.

The two countries signed a framework arrangement to this effect at a ceremony in Islamabad, according to Radio Pakistan.

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Secretary Economic Affairs Division Muhammad Saleem Sethi 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 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 it would extend all possible cooperation for economic development of Pakistan.