South Korea to give $350 million loan

South Korea will provide a loan of US$350 million between 2015 and 2017 for infrastructure development in Bangladesh.

A framework agreement to this effect was signed between the two governments in Dhaka on Thursday.

The Economic Development Cooperation Fund (EDCF) loan, operated by Korea Eximbank on behalf of the Korean government, is a type of concessional loan with terms and conditions such as 0.01 percent per annum of interest rate, 40 years of reimbursement period and 15 years of grace period, said a Korean embassy press release.