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India, South Korea sign $10 bn funding agreement for infra projects

India and South Korea on Wednesday signed agreement for $10 billion assistance for infrastructure development projects in India, including smart cities. The two countries signed agreements to establish $9 billion in concessional credit and $1 billion in Official development assistance (ODA) funding for infrastructure development projects in India," said an Indian Finance Ministry statement. This implemented a decision taken during the visit of Prime Minister Narendra Modi to South Korea in May 2015. With this, South Korea became one of the first non-G-7 countries to become an ODA contributor in India.

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