The government is going to get $100 million in budgetary support from South Korea to fund a "Second Strengthening Social Resilience Program, Subprogram-1".

The annual interest rate for the loan will be 1 percent and it will have a maturity period of 25 years, which includes a grace period of a total of seven years, according to a statement of the Economic Relations Division (ERD).

Mirana Mahrukh, additional secretary to the ERD, signed a deal in this regard with Hwang Kiyeon, executive director of the Export-Import Bank of Korea (Korean Eximbank), at a programme, read the statement.

The deal aims at bolstering social resilience and improving the inclusiveness and responsiveness of social protection systems in the country, the ERD said.

The policy reform programme crafted by the Finance Division in collaboration with other relevant ministries outlines measures to enhance social resilience.

The loan agreement underscores the ongoing partnership between Bangladesh and Korea.

Korea Eximbank has extended soft loans to various key development projects in Bangladesh since 1993.