Sri Lanka signs agreement with Korea for 500 million US dollar loan

Exim Bank of Korea will grant a 500 million US dollar loan to Sri Lanka at extremely concessionary rates for projects from 2020 to 2022 The Economic Development Cooperation Fund (EDCF) of the Export Import Bank of Korea) will provide loans of up to 40-year payback with 10-year grace at rates of 0.15 percent and 0.20 percent. The agreement was signed yesterday. The Framework Arrangement was signed between, Secretary, Ministry of Finance S.R Attygalle Ambassador of the Republic of Korea Woonjin Jeong ri Lanka and Korean had also agreed to continue the Korean Exim Bank Representative Office, which was set up in 2016 to implement the projects, the statement said.