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Korea to provide $100m loan to Bangladesh

Bangladesh Beyond
  • Updated on Wednesday, December 22, 2021
  • 191 Impressed

Korea to provide $100m loan to Bangladesh

 

DHAKA, Dec 22 2021 (BSS) –

 

A loan agreement has been signed between 
Bangladesh and Korea under which the Korean EXIM Bank would provide $100 
million to Bangladesh as budget support.

   The budget support will be provided against the “Program Loan for 
Sustainable Economic Recovery Program (Subprogram1)” to mitigate the adverse 
impact of COVID-19 pandemic. 

   Md Shahriar Kader Siddiky, Wing Chief and Additional Secretary of the 
Economic Relations Division (ERD) and Kim Tae-soo, Executive Director of 
Korea Exim Bank signed the agreement on behalf of the government of 
Bangladesh and the government of the Republic of Korea respectively, said an 
ERD press release today.

   Since 1993, the Korean Exim Bank, on behalf of the Korean government, has 
been providing soft loan to various priority development sector projects in 
Bangladesh. Under this loan agreement, the Korea Exim Bank will provide 
$100.00 million to implement the project. 

   The loan will bear simple interest rate of 0.05 percent per annum while 
the maturity period will be 40 years including a grace period of 15 years.

   The loan is aimed at recovering the economy by implementing various 
reforms in revenue collection system and design schemes to support 
entrepreneurs who have been adversely affected by the pandemic.

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