Bangladesh signs $ 100 million loan deal with South Korea

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South Korea will offer Bangladesh a $ 100 million concessional loan from the Economic Development Cooperation Fund (EDCF) to help the latter recover from the pandemic. EDCF is a Korean development finance program to help socio-economic development in developing countries. The amount will be paid this month by the Korea Exim Bank.

Mohammad Shahriar Kader Siddiky, deputy secretary of Bangladesh’s economic relations division, and Kim Tae Soo, executive director of the South Korean bank, recently signed an agreement in this regard.

The loan’s maturity period is 40 years, including a 15-year grace period, according to Bangladeshi media.

South Korea will offer Bangladesh a $ 100 million concessional loan from the Economic Development Cooperation Fund (EDCF) to help the latter recover from the pandemic. EDCF is a Korean development finance program to help socio-economic development in developing countries. The amount will be paid this month by the Korea Exim Bank.

South Korea has already provided a $ 50 million EDCF budget support loan in December 2020 to help Bangladesh in its efforts to fight the COVID-19 pandemic. This is the second provision of this type of concessional loan.

Bangladesh is the second largest recipient of EDCF loans globally.

So far, the Republic of Korea has funded 24 Bangladesh development projects totaling $ 1.2 billion through EDCF.

Fibre2Fashion Information Office (DS)


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