Ex-Im loans set for LaosThe state-run Export-Import Bank of Korea (Eximbank) said yesterday it inked a deal to provide development loans worth $28.5 million to Laos in order to help the country set up the latest administrative data support system.
The money will be given in the form of the Economic Development Cooperation Fund (EDCF), a state-run fund aimed at helping poor and less-developed countries with loans that carry low interest rates, Eximbank said in a statement.
The computerized data system to be built with the loan will process and hold information on taxation, land and vehicles over five different states in the Southeast Asian country. The policy lender on Tuesday signed the loan agreement with the Laotian finance minister in Seoul.
The loan comes due in 40 years and has a 15-year grace period at an annual interest rate of just 0.01 percent, it said.
Seoul has provided a total of 195 billion won ($170.9 million) through the EDCF to Laos as of end-2011, according to Eximbank.