South Korea to provide £496 million loan to Bangladesh for 2021-25

SOUTH KOREA will provide $700 million (£496m) in concessional loans to Bangladesh under the Economic Development Cooperation Fund.

The money will be provided for 2021-25 period.

Both countries have discussed the plan in the past year and will sign a framework agreement soon, according to South Korea's ambassador to Bangladesh, Lee Jang-keun, who had talks with Fatima Yasmin, secretary of the economic relations division in the finance ministry, during a virtual meeting on Tuesday (15).

Bangladesh is a "priority development partner" of South Korea and the second largest recipient of the country’s EDCF loan, according to the country's embassy in Dhaka.

Both countries also introduced the Knowledge Sharing Program (KSP), a platform to share knowledge with development partner countries and expand economic and political cooperation.