ISLAMABAD: Federal Minister for Commerce Jam Kamal Khan held a meeting with UM Sung-Yong, Executive Director of the EDC Operation Group at the Export-Import Bank of Korea (Korea Eximbank), at the Pakistan Embassy in Seoul.
The meeting focused on the progress of ongoing development projects in Pakistan and opportunities for future collaboration, said a press release issued here.
During the discussion, Executive Director UM Sung-Yong provided an overview of the ongoing projects in Pakistan, highlighting the processes involved in their approval, scrutiny, and execution.
He appreciated the role of Pakistani departments for their efficient handling of projects from concept stage to completion.
UM Sung-Yong also announced that $1.1 billion has been allocated from the Economic Development Cooperation Fund (EDCF) for development projects in Pakistan for the period 2022-2026.
He noted that while the allocation reflects Korea’s strong commitment to Pakistan, only two loans worth $113 million have been approved so far.
He emphasized the need to strengthen cooperation to expedite approvals for the remaining projects.
The Executive Director further expressed optimism for deepening cooperation in the future and appreciated Pakistan’s efforts to foster an enabling environment for international development partnerships.
Federal Minister Jam Kamal Khan conveyed Pakistan’s gratitude to Korea Eximbank for increasing EDCF funding to $1 billion. He also raised the following key points during the meeting:
Minister Jam Kamal Khan emphasized the need for Korea Eximbank to establish an EDCF country office in Pakistan, which would enhance coordination and accelerate project approvals.
He urged Korea Eximbank to expedite the formalities for the 12 pending projects to ensure timely implementation.
While acknowledging the $1.1 billion allocation for 2022-2026, the minister stressed the importance of increasing the pace of project approvals to maximize the utilization of these funds.
The meeting concluded with both sides reaffirming their commitment to strengthening development cooperation and exploring avenues to expand mutual engagement in the future. The establishment of a Korea Eximbank country office in Pakistan is expected to be a significant step in advancing these efforts.
