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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.