ISLAMABAD: The Economic Development Cooperation Fund (EDCF) of the Republic of Korea and Pakistan’s Ministry of Economic Affairs have signed an Aide-Mémoire to chart a mid-term plan for implementation of development projects between 2024-2026.
The (EDCF) Country Programme Mission from the Export-Import Bank of Korea (KEXIM) signed the document at the conclusion of its two-day visit to Pakistan on Friday.
The signing of Aide-Mémoire is a key milestone in enhancing economic ties between Pakistan and the Republic of Korea.
Sajid Manzoor Asadi, Joint Secretary, Ministry of Economic Affairs, and Bonhyun Koo, Director of the Asia Team, EDCF Mission signed the Aide-Mémoire.
Additionally, a project concept for building a Pediatric Hospital in Jamshoro was also signed, with EDCF committing USD 60 million in funding for the hospital’s construction in Sindh.
During the visit, the EDCF Mission had meetings with various government departments in Pakistan, including the Ministry of Planning, the National Highway Authority, Provincial Planning & Development Departments, and others.
In total, the EDCF has pledged an indicative USD 900 million for lending to Pakistan over the next three years, with an additional USD 2 million for technical assistance.
This aid will support high-priority projects, which will be further improved during an upcoming Policy Dialogue.
The Secretary, Ministry of Economic Affairs and Director, Asia team, EDCF Mission, stressed their shared commitment to promoting sustainable development and fostering stronger economic cooperation between the two countries.
They highlighted that the Aide-Mémoire demonstrates the commitment of both sides to work towards sustainable development through projects in priority sectors, including healthcare, transport, energy, and information and communication technology (ICT).
