The Korean government begins working-level consultation to give US$10 billion in financial package support for infrastructure development in India.
The Korean Ministry of Strategy and Finance announced on July 26 that the ministry will hold a working-level consultation with India's Ministry of Finance to discover financial package cooperation projects in New Delhi, India.
In 2015, Korea agreed to provide a financial package worth US$10 billion -- US$1 billion in EDCF and US$9 billion in export financing for infrastructure development in India. In June, the financial ministers of both nations agreed to organize a working level consultation body.
This meeting is a follow-up step after the agreement.
The two sides will discuss projects to be financed among those proposed by the two countries and discuss the scale of support. Korea proposed the New Delhi Multi-Development Project and Kalyan-Dombivali Smart City Development Project which are highly likely to involve Korean companies. India proposed the Mumbai-Nagpur Highway Construction Project and Bandra Smart City Development Project.
With the organization of the consultation body as momentum, the two countries will also discuss ways to provide Korea’s know-how in joint research on infrastructure development in the form of private-public cooperation and Skill India, India's human resources development policy.