Korea to give $300m loan for development

Korea will provide a loan of US $300 million to help socio-economic development of Bangladesh.
An agreement on the “Framework arrangement concerning loans from the Economic Development Cooperation Fund (EDCF) for the years 2012-2014” was signed in Dhaka yesterday, says a press release.
Secretary of Economic Relations Division (ERD) Md Abul Kalam Azad and Korean Ambassador Lee Yun-young signed it on behalf of their respective governments at ERD conference hall yesterday.
Bangladesh is one of the largest recipients of EDCF loan from Korea. Especially, Korea's ODA programmes towards Bangladesh, including EDCF projects, will continue to be enlarged, said the Korean envoy.
As the first phase of the implementation of the Framework Arrangement of the EDCF 2012-2014, “Installation of Wireless Broadband Network for Digital Bangladesh” project with the amount of US $77 million will be launched in the near future.