South Korea to provide loans to Azerbaijan

Feb. 19, 2013 at 4:58 AM

SEOUL, Feb. 19 (UPI) -- The South Korean Cabinet Tuesday approved a proposal to provide low-interest loans to Azerbaijan for its developmental projects, officials said.

The funds will come from South Korea's state-run Economic Development Cooperation Fund, the Yonhap news agency reported. The fund provides low-interest loans to developing countries.

Under the plan, the projects to be funded must be accepted by the governments of both South Korea and Azerbaijan, with the latter agreeing to support South Koreans engaged in such projects, the report said.

"The clinching of the deal aims to promote bilateral friendship and further boost Azerbaijan's economic and social development," the South Korean Foreign Ministry said.

Related UPI Stories
Latest Headlines
Trending Stories
Chelsea Clinton accidentally calls Bernie 'President Sanders'
Watch every star-studded Super Bowl commercial of 2016
Susan Sarandon responds to Piers Morgan criticizing cleavage
Two Virginia Tech students plotted 13-year-old's death, prosecutors said
Colin Powell, Condoleezza Rice got classified email on private accounts