Business Report :
The government is going to get $100 million in budget support from Korea to fund “Second Strengthening Social Resilience Program, Subprogram-1”.
The annual interest rate for the loan will be 1 percent and it will have a maturity period of 25 years and there will be seven years of grace period, according to a statement of the Economic Relations Division (ERD).
Mirana Mahrukh, wing chief and additional secretary of the ERD, signed a deal in this regard with Hwang Kiyeon, executive director of Korea Eximbank, at a programme, the statement read.
The deal aims at bolstering social resilience and improving the inclusiveness and responsiveness of social protection systems in the country, the ERD said.
The policy reform programme crafted by the Finance Division in collaboration with other relevant ministries outlines measures to enhance social resilience.
The loan agreement underscores the ongoing partnership between Bangladesh and Korea.
Korea Eximbank extended soft loans to various key development projects in Bangladesh since 1993.