Press briefing of Cabinet Decision taken on 2012-04-18

Signing of a Memorandum of Understanding between the Government of the Republic of Korea and the Government of Sri Lanka

- with the view to further strengthening the existing friendship and economic cooperation between the two countries, the Government of Korea has agreed to provide technical and financial assistance for development programmes of Sri Lanka. Accordingly, the Government of Korea will provide loans through the Economic Development Cooperation Fund up to an amount not exceeding the equivalent of US $200 million for the years 2013?2015 to finance projects mutually agreed between the two countries. The proposal made by H.E. the President, in his capacity as the Minister of Finance and Planning, to authorize Hon. (Prof.) G.L. Peiris, Minister of External Affairs, to sign the Memorandum of Understanding for the purpose, during the visit of His Excellency the President to Korea shortly, was approved by the Cabinet.