Bangladesh, South Korea sign loan agreement on climate-resilient development
Bangladesh
Bangladesh and South Korea signed a $90 million loan agreement on "Climate Resilient Inclusive Development Programme (Subprogram 1) on Monday.
Md Anwar Hossain, wing chief and additional secretary of the Economic Relations Division, and Hwang Kiyeon, executive director of Korea Eximbank, signed the loan agreement on behalf of the Bangladesh government and Korea Eximbank, respectively, reads a press release.
According to the release, this loan agreement stipulates a simple interest rate of 0.5% per annum, with a total maturity period of 25.5 years, featuring a grace period lasting 7.5 years.
The Finance Division, along with other relevant ministries, has formulated the policy reform programme, it said.
The programme scope includes mitigating greenhouse gas emissions, transitioning to a low-carbon economy, facilitating a sustainable and climate-focused development pathway, strengthening resilience, and reducing risk and vulnerability to adverse climate change impacts.
The objectives of this programme have already been achieved, added the release.
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