Pakistan and the Republic of Korea signed a Framework Arrangement amounting to $1 billion in Islamabad on 9 June 2022.
Under the signed Framework Arrangement (2022-26), the Republic of Korea will provide long-term highly concessional financing of up to $1 billion for the execution of various development projects in Health, Communication, Agriculture, and Energy with a special focus on Information Technology.
The signing ceremony was witnessed by the Honourable Federal Minister for Economic Affairs, Sardar Ayaz Sadiq.
Secretary Economic Affairs Division, Mian Asad Hayaud Din, and Ambassador of the Republic of Korea, Suh Sangpyo, signed the Framework Arrangement on behalf of their respective Governments.
The Ambassador hoped that this Framework Arrangement would be instrumental in backing up the economic policies and initiatives being pursued by the new Government of Pakistan.
He also said that the Republic of Korea would extend all possible cooperation for the economic development of Pakistan, which would be greatly conducive to promoting our bilateral relations in the years ahead.
The Minister for Economic Affairs appreciated the role and cooperation extended by the Republic of Korea for development projects in Pakistan.
He further reiterated the importance of technical and economic cooperation in the field of Imation Technology in line with the vision of the Prime Minister of Pakistan.