International Development Fund: South Korea extends soft loans to developing nations

The South Korean government has announced plans to extend $1.93 billion in soft loans to developing countries.

The four year program also eases regulations on "tied loans" which developing nations can only receive if they make related orders from South Korean companies.

the Ministry of Finance and Economy, said that 70 percent of the state run Economic Development and Cooperation Fund (EDCF), would be offered to developing nations.