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India Signs an Agreement with South Korea

Published on December 03, 2022
Current Context: India signed an agreement with South Korea for an Economic Development Cooperation Fund (EDCF) loan of Korean Won 245.081 billion (INR 1495.68 Cr).
India Signs an Agreement with South Korea
  • The EDFC loan will be provided for the establishment of an Intelligent Transport System (ITS) on the Nagpur-Mumbai Super Communication Project.
  • It will be the first project to be funded by an EDFC loan from the Government of South Korea.
  • The primary objective of this project is to improve traffic management efficiency through the establishment of the Intelligent Traffic Management System (ITMS).
  • The sustainable model of ITS and operations and management will be established through the transfer of technology by South Korea.
  • EDFC is the development aid of South Korea that was established in 1987. The disbursement of the loan is administered by the EXIM Bank of Korea.

Question:

Q.1 Recently which country signed an agreement with India to provide India with an Economic Development Cooperation Fund (EDCF) loan?
a. Japan
b. South Korea
c. China
d. France
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