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.
|Additional Business News Stories|
TEHRAN, May 21 (UPI) --Iran will invest $16 billion in development of the offshore South Pars gas complex over the next 10 months, a natural gas company director said.
RIO DE JANEIRO, May 20 (UPI) --Sweden's Saab is upgrading its bid for Brazil's FX-2 jet fighter purchase plan, even as it weighs challenges from rivals Boeing and France's Dassault.