South Korea inks $10 bn infra pact

In a major push to the country’s infrastructure sector, India and South Korea recently signed agreement involving $10 billion assistance for infrastructure development projects in India, including smart cities. The two countries signed MoU to establish $9 billion in concessional credit and $1 billion in Official development assistance (ODA) funding for infrastructure development projects, said Indian Finance Ministry sources, adding that both the countries implemented a decision taken during the visit of Prime Minister Narendra Modi to South Korea in May 2015. With the latest push, South Korea became one of the first non-G-7 countries to become an ODA contributor in India and also both the countries agreed to consider deploying part of this fund towards the Smart City projects in India and are working out a mechanism at senior official levels, to identify good infrastructure projects in India, to draw upon these funds, they added.

Published: 17 June 2017