Gov"t Receives 700 Million Dollars from ADB

Home > Business > Economy

print dictionary print

Gov"t Receives 700 Million Dollars from ADB

The government announced on December 31 that it received 700 million dollars from the Asia Development Bank.
The government contracted with the ADB to borrow four billion dollars at the end of 1997. Including this money, the government has thus far received 3.7 billion dollars and the remaining 300 million dollars will be taken in December 1999.
The first two billion dollars were withdrawn on December 24, 1997 and a further billion dollars was received on January 5, 1998. The interest rate for all the money borrowed from ADB is Libor plus 0.4 percent and it will be repaid after seven years.

More in Economy

Jeonse prices soar as less renters are looking to buy

Current account goes into deficit for first time in a year

Innovation galore, from drone delivery to cash on the run

Drone-like taxis may soon crowd the skies

Supersized supplementary budget is proposed

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now