Pakistan and the Republic of Korea signed a framework arrangement amounting to US$500 million on Friday.
While speaking at the signing ceremony, Finance Minister Senator Ishaq Dar said that economic relations between the two countries would further be strengthened in the future.
Dar said that the framework arrangement will enable Pakistan to seek financing from Korean Exim Bank for development of energy and other infrastructure projects in Pakistan.
Korean Ambassador Dr Song Jong-hwan said that Korea would extend all possible cooperation for economic development of Pakistan.
Secretary Economic Affairs Division Saleem Sethi and Dr Song Jong-hwan signed the framework on behalf of their respective governments.
Under the signed framework arrangement, various projects in hydropower, road infrastructure, improvement of power distribution system, information technology and health sector will be completed with assistance of Korea.