“Korea commits USD 1 billion to Pakistan for the next 5 years under its Economic Development Cooperation Fund”

9^th June – Prime Minister Office

          The Economic Affairs Division (EAD) and the Embassy of the Republic of Korea held a ceremony here in Islamabad on Thursday at the Prime Ministers Office for the signing of the Economic Development Cooperation Fund (EDCF) Agreement, worth USD 1 billion that will be provided to Pakistanfrom the Government of the Republic of Korea for the years 2022 through to 2026. This agreement was mutually signed by the Secretary of the Ministry of Economic Affairs, Mr. MianAsadHayaud Din, and the Ambassador of theRepublic of Korea, Suh Sangpyo. The Federal Minister for Economic Affairs, Mr. SardarAyazSadiq and other senior EAD and Embassy officials were also present at the ceremony.

          This development comes, following months of constructive negotiations between the two sides and under the terms of this agreement, Federal and Provincial bodies are to submit their proposals to the EAD to avail funding for projects aimed at the socio-economic uplift of the country and its citizens.

          The Minister and Secretary EAD, while speaking at the ceremony collectively appreciated the Ambassador for paving the way for this agreement and thanked the Government of the Republic of Korea for its everlasting support to Pakistan.The Ambassador added that the Korea and Pakistan have always enjoyed cordial ties and Koreaaims to further enhance the bilateral relations between the two countries to new heights.