Pakistan and Korea Strengthen Development Cooperation with New Aide-Mémoire

Islamabad, Concluding a two-day visit by the Economic Development Cooperation Fund (EDCF) Country Programme Mission from the Export-Import Bank of Korea (KEXIM), Pakistan and Korea signed an Aide-Mémoire to enhance their development partnership for 2024-2026. This agreement outlines a mid-term strategy for various high-impact development projects in Pakistan.

According to Press Information Department, the Aide-Mémoire was signed by Mr. Sajid Manzoor Asadi, Joint Secretary of the Ministry of Economic Affairs, and Mr. Bonhyun Koo, Director of the Asia Team, EDCF Mission. This pact includes significant commitments such as the allocation of USD 60 million for the construction of a Pediatric Hospital in Jamshoro, Sindh. Throughout their visit, the EDCF Mission interacted with multiple Pakistani government departments to refine the development agenda, focusing on sectors like transport, healthcare, energy, and ICT.

The two countries have pledged a total of USD 900 million in loans and an additional USD 2 million for technical assistance over the next three years, marking a substantial step forward in their economic relations and emphasizing shared goals for sustainable development and enhanced bilateral cooperation.