Korea agrees to extend $ 500 m support for SL

• Two Governments to enter into new framework agreement spanning till 2022

The Government yesterday said the Republic of Korea had agreed to supply Korean Won not exceeding $ 500 million for implementing projects recognised within the period of 2020- 2022. 

Therefore, the Cabinet of Ministers has approved the proposal tabled by Prime Minister as the Minister of Finance for entering into a new activity framework agreement between the two parties.

The Government said the Activity Framework Agreement between the Republic of Korea and Sri Lanka enabled financing for implementing recognised projects from the Economic Development Cooperation Fund of Korean Import-Export Bank for implementing identified projects.

Both Korea and Sri Lanka have entered into an accord for activity framework in 2017 for the implementation of projects mutually agreed by both parties with the objective of further strengthening economic cooperation between the two countries. The last agreement expired in 2019.