Financial and Banking News
SFD Lends $50mn to South Korea
The Saudi Fund for Development (SFD) has agreed to lend $50mn to South Korea, according to an agreement signed on 22 October. The loan is for 16 years with a five-year grace period, and carries an annual interest rate of 5%. The funds will be used to part-finance the $127mn Kamchon port development project near Pusan. The loan brings total SFD aid to South Korea to $119mn.