Islamabad: The Economic Development Cooperation Fund (EDCF) and the Ministry of Economy (MoEA) on Friday signed a Memorandum of Understanding to formulate a medium-term plan for the implementation of development projects for the period 2024-2026.
The Memorandum of Understanding signed at the end of the visit by the Korea Export-Import Bank’s EDCF Country Program (KEXIM) marks an important milestone in the deepening of economic relations between Pakistan and the Republic of Korea.
According to the MoEA press release, it was signed by Sajid Manzoor Asadi, Joint Secretary, Ministry of Economy, and Bonhyun Koo, Director of the Asia Team, EDCF Mission. The agreement was witnessed by Dr Kazim Niaz, Secretary, Ministry of Economy and other MoEA and EDCF officials.
In addition, a project concept for the construction of a Children’s Hospital in Jamshoro was signed and EDCF provided USD 60 million for the construction of a hospital in Sindh.
During the visit, the EDCF Mission cooperated with various government departments in Pakistan, including the Ministry of Planning, National Highways Agency, Provincial Planning and Development Department and others to discuss and refine the proposed development plan.
The purpose of the EDCF mission includes sharing knowledge and building capacity, which both sides agreed to further develop in the coming year.
In total, EDCF has disbursed $900 million in loans to Pakistan over the next three years, and an additional $2 million in technical assistance. This commitment will support high-level projects that will be further refined in future Policy Dialogues.
Secretary, Ministry of Economy and Director, Asia Group, EDCF Mission emphasized the joint commitment to promote sustainable development and promote stronger economic cooperation.
The delegation stated that both parties are committed to work towards sustainable development through projects in priority sectors such as transportation, health, energy, and information and communication technology (ICT).
In a press release, they thanked all stakeholders for their support and cooperation.
