Jan 04, Colombo: The South Korean Embassy in Colombo announced that a Framework Arrangement which would enable the Sri Lankan Government to obtain a soft loan from the Korean government up to US$ 290 million till 2015 was signed last week.

According to the South Korean embassy, the Framework Arrangement is based on the MoU signed by the President Mahinda Rajapaksa with the Government of Korea during his visit to Korea in last April.

According to the MoU, Korea will finance a range of projects, such as to develop renewable energy plants and also to build infrastructure in Sri Lanka.

The projects are to be facilitated by the Korean Embassy and the Export and Import bank of Korea.