ISLAMABAD, Oct 18 (APP): Pakistan would provide US $ 10 million buyer’s credit facility to Lao Peoples Democratic Republic.Agreement to this affect was signed by Additional Secretary Economic Affairs Division , Junaid Iqbal Chaudhry on behalf of the Government of Pakistan while the agreement was inked by Phongsavath  Boupha,First Vice Foreign Minister , Ministry of Foreign Affairs Lao Peoples Democratic Republic (PDR) on behalf of his country.

According to the agreement , the credit of US $ 10 million has been offered to Lao PDR on 1 percent interest rate with 30 years repayment period including 5-year grace period.

The credit will be utilized by the Lao PDR to purchase goods and services from the source country as mutually agreed between the two sides.

Entering in this stage of bilateral cooperation with Lao PDR is a manifestation of the Pakistan’s vision of “East Asian Strategy” to expand our relations beyond the immediate neighborhood through organizations like ASEAN and ASEM.

Pakistan accords high priority to its relations with Lao PDR and plans to develop a soft visa regime with them, in near future.

Speaking on the occasion, Additional Secretary EAD, Junaid Iqbal said that this agreement would prove a good oman for the promotion of relational between the two countries.

He added that Pakistan and LAO PDR can enhance their relations in the fields of agriculture, Science and Technology, education and industrial development.

In his remarks Phongsavath Boupha thanked Pakistan for its generous support to Lao PDR in promotion of socio economic development.

He called for enhancing relations in the filed of trade and commerce between the two countries.

Source: http://www.app.com.pk/en/index.php?option=com_content&task=view&id=18774&Itemid=2