1. Vice Foreign Minister Lee Tae-ho and Ambassador of Georgia to the Republic of Korea Otar Berdzenishvili signed the “Agreement between the Government of the Republic of Korea and the Government of Georgia concerning loans from the economic development cooperation fund (EDCF)” at the Ministry of Foreign Affairs in Seoul on January 31.
2. The purpose of the agreement is to support Georgia’s efforts to achieve economic and social development through the ROK’s EDCF loan projects, and to strengthen friendly and cooperative relations between the two countries. The agreement will allow the Georgian government to apply for the ROK government’s EDCF loans.
o Under the agreement, the Georgian government will grant tax exemptions on the ROK government’s loans and interest on loans, and support the ROK nationals’ activities regarding loan projects. The agreement is expected to contribute to increasing substantive cooperation between the two countries in the area of development cooperation.
3. The ROK-Georgia agreement will come into effect after the two sides notify each other of the completion of their respective internal procedures through diplomatic channels.
* unofficial translation