To further strengthen economic co-operation between the two nations, Sri Lanka and the Republic of Korea (South Korea) have entered into a loan agreement which was signed by the Secretary to the Ministry of Finance S.R. Attygalle on behalf of the Sri Lankan Government while Ambassador Woojin Jeong signed as the representative of the Republic of Korea.
According to the new framework agreement signed between the two nations for the period of 2020-2022 the Republic of Korea through the Economic Development Cooperation Fund (EDCF) of the Export Import Bank of Korea (KEximbank) is to provide a loan with an aggregate value of $500 million with an interest rate of 0.15-0.20% which is to paid back within a period of 40 years with a 10 year grace period.
Furthermore in hopes of implementing future projects in a well-organized manner the two parties agreed on the continuation of the Korean Exim Bank Representative Office, which was opened in Colombo back in 2016.
No.820, Mount Cresent,Malabe,Sri Lanka