Korea's EDCF to give $500m for infrastructure

Bangladesh will get loans of up to $500 million from the Economic Development Cooperation Fund (EDCF) of Korea for 2017-2020.

It will finance several high-priority projects, such as the construction of a second railway-road bridge over the Karnaphuli river and 160 upazila ICT training and resource centres for education.

Several other projects have also been identified for financing.

Kazi Shofiqul Azam, secretary of the Economic Relations Division, and Ahn Seong-Doo, Korean ambassador to Bangladesh, signed a framework arrangement to this effect at the conference room of the National Economic Council in the capital's Sher-e-Bangla Nagar yesterday, Korea Eximbank said in a statement.

The new arrangement will replace a previous one signed in November 2015 that facilitated loans of up to $350 million between 2015 and 2017.

The EDCF assists developing countries by financing infrastructure development for economic growth. Its operations are conducted by the Export-Import Bank of Korea or Korea Eximbank on behalf of the Korean government.