S. Korea to provide 500 mln USD in loans to Myanmar in 5 years

South Korea has agreed to provide 500 million U.S. dollars in loans to Myanmar from 2013 to 2017, which will be from its Economic Development Cooperation Funds, official media reported Thursday.

The announcement was made at a joint committee meeting on economic cooperation between Myanmar and South Korea co-chaired by visiting Korean Deputy Prime Minister and Minister of Strategy and Finance Hyun Oh-Seok and Myanmar Minister of National Planning and Economic Development Kan Zaw in Nay Pyi Taw Wednesday.

The joint committee also discussed eight areas of cooperation covering 39 projects inclusive of those related to infrastructure development, promoting of services and sports sectors.

Expressing appreciation to South Korea for its support, Myanmar President U Thein Sein told Hyun after the meeting that the outcome of it would contribute to Myanmar's reform process.

U Thein Sein extended his invitation to his South Korean counterpart through Hyun to visit Myanmar.

According to official statistics, South Korea was the fourth biggest investor in Myanmar as of March this year, with investment in the country totaling some 2.98 billion U.S. dollars in 77 projects.

Myanmar opened itself to foreign investment in late 1988.

Bilateral trade between Myanmar and South Korea reached 573.4 million U.S. dollars in 2012, of which Myanmar's export to South Korea accounted for 237.58 million dollars while its import stood at 335.82 million dollars.