Pakistan, Korea sign Aide-Mémoire for Enhanced Development Cooperation

ISLAMABAD: Korea’s Economic Development Cooperation Fund (EDCF) and the Pakistan’s Ministry of Economic Affairs (MoEA) on Friday signed an Aide-Mémoire to chart a mid-term plan for implementation of development projects between 2024-2026.

The Aide-Mémoire, which was signed at the conclusion of visit by EDCF Country Programme Mission from the Export-Import Bank of Korea (KEXIM), represents a key milestone in deepening economic ties between Pakistan and the Republic of Korea.

According to MoEA press release, the Aide-Mémoire was signed by Joint Secretary, Ministry of Economic Affairs, Sajid Manzoor Asadi and Director of the Asia Team, EDCF Mission, Bonhyun Koo. The signing was witnessed by Secretary of the Ministry of Economic Affairs, Dr Kazim Niaz and other officials from the MoEA and EDCF.

Additionally, a project concept for the construction of a Pediatric Hospital in Jamshoro was signed, with EDCF committing USD 60 million in financing for the hospital’s construction in Sindh.

During the course of the visit, the EDCF Mission engaged with various government departments in Pakistan, including the Ministry of Planning, the National Highway Authority, Provincial Planning & Development Departments, and others, to discuss and refine the proposed development agenda.

The EDCF mission’s objectives also included knowledge sharing and capacity building, which both sides agreed to further enhance in the coming years.

In total, the EDCF has committed an indicative USD 900 million for lending to Pakistan over the next three years, with an additional USD 2 million allocated for technical assistance. This commitment will support high-priority projects, which will be further refined during an upcoming Policy Dialogue.

The Secretary, Ministry of Economic Affairs and Director, Asia team, EDCF Mission, emphasized their shared commitment to promoting sustainable development and fostering stronger economic cooperation.

They highlighted that the Aide-Mémoire underscores the commitment of both sides to work towards sustainable development through projects in priority sectors, including transport, healthcare, energy, and information and communication technology (ICT).

They expressed gratitude to all stakeholders for their support and collaboration, the press release added.