India, South Korea sign $10 billion 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.The agreements were signed during the visit of Finance Minister Arun Jaitley to South Korea on a four-day official visit to attend the India-Korea Financial Dialogue and the second annual meeting of the Board of Governors of Asian Infrastructure Investment Bank (AIIB).