South Korea to provide USD 3 billion financing support to Bangladesh for metro line, CNG buses and railway signalling system

South Korea to provide USD 3 billion financing support to Bangladesh for metro line, CNG buses and railway signalling system

• South Korea will provide up to USD 3 billion to Bangladesh for the construction of its metro line MRT Line 4 and procurement of CNG buses and modernisation of the railway signalling system.
• A new Framework Arrangement was signed on Thursday at Incheon, said an official release from the Embassy of South Korea in Bangladesh.
• The signing ceremony for the USD 3 billion concessional loan from the Economic Development Cooperation Fund (EDCF) for the year 2023 through 2027 was held on the occasion of the 56th Annual General Meeting of the Board of Governors of Asian Development Bank (ADB) in Korea.
• With the signing of the new framework arrangement, Bangladesh has become the second largest recipient of Korea’s Official Development Aid (ODA) across the globe. So far, the Korean government has supported 30 development projects with an aggregate amount of USD 1.7 billion through the EDCF.

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Published date : 05 May 2023 04:28PM