The agreement was signed by Mirana Mahrukh, Wing Chief and Additional Secretary of the Economic Relations Division (ERD) of Bangladesh, and Hwang Kiyeon, Executive Director of Korea Exim Bank. Both officials represented their respective organizations in endorsing the agreement.
The Finance Division, in collaboration with other relevant ministries, has developed a comprehensive policy reform programme. This programme is designed to bolster social resilience and improve the inclusiveness and responsiveness of social protection systems in Bangladesh. The reforms aim to provide better support and protection to vulnerable populations, ensuring a more resilient and equitable social framework.
Since 1993, the Korea Exim Bank has been acting on behalf of the Korean government to provide soft loans to Bangladesh for various priority sector development projects. These loans have facilitated significant advancements in infrastructure, healthcare, education, and other critical areas. Under the terms of the new loan agreement, the $100 million loan will feature a simple interest rate of 1 percent per annum. The loan will have a maturity period of 25 years, which includes a 7-year grace period, allowing Bangladesh ample time to implement the necessary reforms and improvements before repayment begins.
