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China, ROK Sign Lending Arrangement Contract
Chinese Vice Minister of Finance Jin Liqun and Hong Soon-Young, ambassador of the Republic of Korea (ROK) to China, signed a development fund lending arrangement Friday.
According to the arrangement, ROK will provide 41.93 million U. S. dollar loans in favorable terms to China, which will be used to support the building of a highway in northeastern Liaoning Province, ecological projects in the Inner Mongolian Autonomous Region, and river harnessing efforts in south Hainan Province.
The 30-year loan's annual interest rate will be 2 percent.
Since 1994, 13 projects involving 145 million U.S. dollars have been completed with loans extended by ROK. Most of these projects have financed the construction of airports, highways and the protection of the environment.
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