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S Korea to provide $100-mn loan to help Bangladesh's economic recovery

23 Nov '21
1 min read
Pic: Alexey Novikov | Dreamstime.com
Pic: Alexey Novikov | Dreamstime.com

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 launched the EDCF programme in 1987 to help other developing countries with their basic infrastructure.

Fibre2Fashion News Desk (DS)

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