India-South Korea in $10 billion funding agreement for infra projects


By Accommodation Times Bureau

SEOUL: India and South Korea on Wednesday signed agreement for $10 billion assistance for infrastructure development projects in India, including smart cities.

The two countries signed agreements to establish $9 billion in concessional credit and $1 billion in Official development assistance (ODA) funding for infrastructure development projects in India,” said an Indian Finance Ministry statement.

This implemented a decision taken during the visit of Prime Minister Narendra Modi to South Korea in May 2015. With this, South Korea became one of the first non-G-7 countries to become an ODA contributor in India.

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