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Thursday, December 9, 2010

South Korea to provide $ 180 million soft loan for Malakand tunnel, Faisalabad Solid Waste Energy plant

ISLAMABAD, Dec 09: South Korea will provide a soft loan of $ 180 million to Pakistan under Economic Development Cooperation Fund

A Framework Arrangement to this effect was signed at a ceremony here onThursday. Secretary Economic Affairs Division Sibtain Fazal Halim and SouthKorean Ambassador to Pakistan Choong-joo Choi signed the agreement.

Speaking on the occasion Secretary Economic Affairs said this soft loan will carry one percent interest, payable in thirty years with five years grace period. He said initially two projects have been identified to be completed with this loan including Malakand Tunnel at a cost of ninety million dollars and Conversion of Municipal Solid Waste into Energy and Fertilizer at Faisalabad at a cost of thirty-five million dollars.

The Korean Ambassador expressed the hope that with this agreement, solid foundation of relations will be laid between the two countries which can be expanded in different fields.

He said with the signing of Framework Arrangement, Pakistan and Korea are able to sign loan agreements for development projects in priority areas including infrastructure development, health, education, environment, renewable energy and vocational training and others.

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