Under the Economic Development Cooperation Fund, South Korea will offer a $1 billion soft loan to Pakistan.
According to reports in the local press, Secretary of the Ministry of Economic Affairs Mian Asad Hayaud Din and Ambassador of the Republic of Korea Suh Sangpyo struck a deal in this respect. Sardar Ayaz Sadiq, the Federal Minister for Economic Affairs, and other senior officials were also present during the occasion.
Federal and provincial governments will submit financing applications to the Economic Affairs Division for initiatives that will benefit citizens. The minister and the EAD Secretary thanked the Korean ambassador for clearing the path for a deal and praised the Republic of Korea for its support of Islamabad. South Korea has pledged financing for IT, health, communication, electricity, and agriculture projects, according to a statement.