South Korea provides $ 500 m loan to Sri Lanka for economic development

The Government this week approved a proposal to enter into a framework agreement with South Korea on economic development cooperation. 

A proposal made by Prime Minister Ranil Wickremesinghe as the Minister of National Policies and Economic Affairs to enter into a frame work agreement to receive a loan of $ 500 million from the Korean Government was approved by Cabinet this week. 

The loan, granted for the economic development of the country from 2017-2019 by the Export-Import Bank of Korea, is payable within a period of 40 years including a concession period of 10 years.