ISLAMABAD, Pakistan: Pakistan and the Republic of Korea signed a Framework Arrangement amounting to US$ 1,000 million in Islamabad on Thursday.
The signing ceremony was witnessed by the Federal Minister for Economic Affairs Sardar Ayaz Sadiq, the Secretary of Economic Affairs Division Mian Asad Hayaud Din and the Ambassador of the Republic of Korea Suh SangPyo signed the Framework Arrangement on behalf of their respective governments.
Under the signed Framework Arrangement (2022-26), the Republic of Korea will provide long term highly concessional financing up to US$ 1,000 million for execution of various development projects in health, communication, agriculture, and energy with the special focus on information technology.
The minister for economic affairs appreciated the role and cooperation extended by the Republic of Korea for development projects in Pakistan.
Sardar Ayaz Sadiq further reiterated the importance of technical and economic cooperation in the field of Information Technology in line with the vision of the Prime Minister of Pakistan.
The ambassador of the Republic of Korea hoped that this Framework Arrangement would be instrumental in backing up the economic policies and initiatives being pursued by the new government of Pakistan.
Suh SangPyo also said that the Republic of Korea would extend all possible cooperation for economic development of Pakistan, which would be greatly conducive to promoting our bilateral relations in the years ahead.