Gabriel Thompson

HR: Cited Article

https://www.thedailystar.net/news/bangladesh/diplomacy/news/bangladesh-get-3b-concessional-loans-south-korea-3311091

The News Article I’ve selected discusses new framework signed and put in place between Bangladesh and Korea. Korea agreed to give Bangladesh $3 billion dollars in concessional loans. The money will be given over a course of five years leading up to 2027 under the Economic Development Cooperation Fund (EDCF). Kisun Bang, first vice minister for Economy and Finance in Korea, and Sharifa Khan, secretary of Economic Relations Division (ERD), signed the agreement during a ceremony that took place on the 56th Annual General Meeting of the Board of Governors of the Asian Development Bank. Along with the signing, the repayment plan was also put in place, over a period of 40 years, including 15 year Grace period, with the annual interest rate between 0.01% – 0.05%. Additionally, this plan makes Bangladesh the second largest recipient of Korea’s Official Development Aid (ODA). The Korean Government has supported 30 developmental projects in Bangladesh with an aggregate amount of $1.7 billion through EDCF. Ambassador Lee Jang-Kuen hoped the $3 billion would serve as a catalyst for improving the daily lives of people in Bangladesh, and overall in enhance the relationship between the citizens of Korea and the citizens of Bangladesh.