Japan has agreed to provide South Korea...
- Share via
Japan has agreed to provide South Korea with a low-interest untied loan of up to $53 million to finance economic and social projects.
The Foreign Ministry said $9.9 million will be used for construction and expansion of the Daecheong multipurpose dam in a suburb of Dajeon. It said $42.8 million will be set aside for modernization and expansion of small- and medium-size manufacturing industries.
The loan to be extended under Japan’s official development aid program carries an annual interest rate of 4%, the ministry said.
The loan for the dam project will be due in 25 years, including a seven-year grace period, while that for industry modernization will be due in 20 years, including a seven-year deferment period, the ministry said.
The new loan is part of a $1.85-billion aid package Japan pledged to South Korea in 1983, the ministry said.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
