Sri Lanka has entered into a $ 500 million loan agreement with the EXIM Bank of Korea to finance development projects, the Finance Ministry said in a statement.
In order to further strengthen the economic cooperation between the two countries, the Government of the Republic of Korea has agreed to provide concessional loans from the Economic Development Cooperation Fund (EDCF) of the Export Import Bank of Korea (KEximbank).
Accordingly, the Government of Republic of Korea and Government of Sri Lanka have agreed to sign a new Framework Arrangement for the period of 2020-2022 to obtain loans through EDCF up to an aggregate commitment amount of $ 500 million to finance mutually agreed projects.
The loan interest rate on this concessional loan is about as low as 0.15-0.20% and the loan has a repayment period of about 40 years with a grace period of 10 years.
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