Korea is providing a US$200 million loan on concessionary terms to finance mainly infrastructure development projects in Sri Lanka. The money will also be used for other projects as well to be agreed between the two countries, the Finance Ministry said this week.
A Framework Arrangement for this purpose was signed during the visit to Korea by Dr. P.B Jayasundera, Secretary, and Ministry of Finance & Planning recently.
A delegation of the Ministry of Finance and Planning led by Dr. Jayasundera, was on a visit to discuss development cooperation between the two countries.
The discussions were centered on the existing bilateral development cooperation and possibilities for strengthening the cooperation in support of the post conflict development initiatives of Sri Lankan government. Investment opportunities in Sri Lanka for Korean investors and expansion of tourism in Sri Lanka for Koreans were also discussed.