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South Korea offers financial aid to Sri Lanka till 2015

Colombo, Thu, 19 Apr 2012 ANI

Colombo, April 19 (Xinhua-ANI): South Korea's government has agreed to provide technical and financial assistance to Sri Lanka for national development till 2015, a government spokesman said on Thursday.

"The government of South Korea will provide loans through the Economic Development Cooperation Fund (EDCF) aggregating commitments amount to 200 million U.S. dollars for the years 2013 to 2015," Deputy Economic Development Minister Lakshman Yapa Abeywardena said.

The fund is to be allocated to finance project agreed by the two countries. Under the agreement, the Korean Exim Bank is to send an EDCF country director to Sri Lanka to facilitate the implementation of projects.

Abeywardana said South Korea and Sri Lanka are to sign a new Framework Arrangement for the period 2013-2015 as an amendment to the agreement already signed in July 2010.

A MoU is to be signed between the two governments during President Mahinda Rajapaksa's official visit from April 23 to 27.

Since 1977 South Korea and Sri Lanka have continuously developed strong ties in various fields and the latter had been recognized as South Korea's priority partner for economic cooperation. (Xinhua-ANI)

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