Press briefing of Cabinet Decision taken on 2021-01-04

Framework Arrangement between the Government of the Republic of Korea and the Government of the Democratic Socialist Republic of Sri Lanka for securing funds from the Economic Development Cooperation Fund of the EXIM Bank of Korea for the implementation of recognized projects

- With a view to further strengthening the economic cooperation between two countries, the Republic of Korea and the Democratic Socialist Republic of Sri Lanka entered into a Framework Agreement in 2017 for the implementation of projects mutually agreed and the said agreement has expired in 2019. The Republic of Korea has agreed to grant funds not exceeding US$ 500 million for the implementation of projects recognized within the period of 2020-2022. Accordingly, the proposal made by the Hon. Prime Minister in his capacity as the Minister of Finance, to enter into a new Framework Agreement between the two parties, was approved by the Cabinet.