S. Korea to grant loans to Azerbaijan for development projects

S. Korea to grant loans to Azerbaijan for development projects
# 19 February 2013 07:49 (UTC +04:00)

Baku. Victoria Dementieva – APA. The South Korean Cabinet endorsed a plan on Tuesday to grant loans to Azerbaijan to help boost the West Asian country's economic and social development, APA reports citing S. Korean media.


During a weekly meeting held in the presidential office Cheong Wa Dae, the Cabinet approved the signing of a deal that stipulates the institutional basis for South Korea to give loans to Azerbaijan, with the funds coming from Seoul's state-run Economic Development Cooperation Fund (EDCF), according to the government officials.

The EDCF is a fund primarily aimed at helping lesser-developed nations through low-interest loans.

Under the deal, the Seoul government will provide Baku with loans to fund projects agreed upon by the two governments, while the Azerbaijani government will support South Koreans engaged in the projects.

"The clinching of the deal aims to promote bilateral friendship and further boost Azerbaijan's economic and social development," the South Korean foreign ministry said in a statement.


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