DHAKA: The governments of Bangladesh and Korea signed the Economic Development Cooperation Fund (EDCF) Framework Arrangement on 19 November.

The agreement will enable Bangladesh to obtain EDCF loans up to $350 million for 2015 to 2017 from Korea to finance infrastructure development projects in the country, says a press release by Korean Embassy to Dhaka.

The EDCF Loans of USD 350 million will be extended to build up the socio-economic foundations which will be essential to the economic and industrial development of Bangladesh and enhancement of living standard of Bangladesh's people, such as construction of General Hospital of Bangabandhu Sheikh Mujib Medical University Project (USD 131 mil), purchase of locomotives project (USD 101 mil), purchase of passenger carriage (USD 91 mil), and so on.

Korean Ambassador Anh Seung-doo told that Korea will continue to take a pivotal role in the socio-economic growth and industrial development of Bangladesh by securing effective implementation of the Korean ODA in a best sustainable way.

It is expected that the EDCF Framework Arrangement will contribute to further strengthening the already close and friendly relationship between both countries, he expected.

EDCF Loan, operated by Korea Eximbank on behalf of Government of Korea, is a kind of concessional loan (ODA Loan), with terms and conditions such as 0.01 percent per annum of interest rate, 40 years of reimbursement period and 15 years of grace period.

BDST: 2142 HRS, NOV 23, 2015
SR