South Korea plans to provide $100 million in financing for a joint project with multilateral lenders to help Bangladesh recover from the fallout of the pandemic. The country’s Economic Development Cooperation Fund (EDCF) will offer its low-interest rate loans for the $700-million joint project to support latter’s economy, the former’s finance ministry said.The project will also be supported by the Asian Development Bank with $250 million, the Asian Infrastructure Investment Bank (AIIB) with $250 million and the Organisation of the Petroleum Exporting Countries (OPEC) Fund for International Development with $100 million.
It is the first time the EDCF and the AIIB have provided joint financing to an economic project in developing countries, according to a news agency report from South Korea.
South Korea plans to provide $100 million in financing for a joint project with multilateral lenders to help Bangladesh recover from the fallout of the pandemic. The country's Economic Development Cooperation Fund (EDCF) will offer its low-interest rate loans for the $700-million joint project to support latter's economy, the former's finance ministry said.#
South Korea launched the EDCF programme in 1987 to help other developing countries with their basic infrastructure.
Fibre2Fashion News Desk (DS)