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ROK Provides Favorable Loans to China
Chinese Vice Minister of Finance Jin Liqun and Hong Soon-Young, ambassador of the Republic of Korea (ROK) to China, have lately signed a development fund lending arrangement.
According to the arrangement, the ROK will provide 41.93 million US dollar loans in favorable terms to China. This will be used to support the construction of a highway in northeastern Heilongjiang Province, building up an ecological project in the Inner Mongolian Autonomous Region, and harnessing a river in Hainan Province, south China.
The 30-year loan's annual interest rate is 2 percent (with a grace period of 10 years).
Since 1994, 13 projects have been completed involving loans of 145 million US dollars extended by the ROK. Most of these loans have been used to finance the construction of airports, highways and environmental protection projects.
Present at the signing ceremony were officials, of the Chinese Ministry of Finance, and from the ROK embassy in China and the delegates from the Beijing Office of the ROK Export/Import Bank.
By PD Online Staff Huang Ying
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