Deputy Prime Minister and Minister of Strategy and Finance Kim Dong-yeon (right) poses for a photo with IDB President Luis Alberto Moreno, in Seoul on Oct. 23. (Ministry of Strategy and Finance)
By Kim Eun-young and Yoon Sojung
The Korean government has decided to expand cooperation with the Inter-American Development Bank (IDB) for the development of Central and South America.
Deputy Prime Minister and Minister of Strategy and Finance Kim Dong-yeon met with IDB President Luis Alberto Moreno at the 2017 KOREA-LAC Business Summit that took place at Seoul’s Shilla Hotel on Oct. 23.
During the conference, Korea and the IDB signed the second round of the EDCF-IDB co-financing agreement and expanded support to USD 300 million. In the first round of the agreement in 2015, Korea and the IDB made USD 100 million of investments, which contributed to diversifying infrastructure projects across Central and South America and helped Korean firms start business in the region.
Deputy Prime Minister Kim signed an agreement to boost people-to-people exchanges between Korea and Central and South America. He said, “People-to-people exchanges will enhance understanding and trust between Korea and the Central and South American region, which will further help both sides boost economic cooperation.”
“I hope the talented workforce from Korea can have more opportunities in contributing to the development of the Central and South American region through the IDB,” said Kim.
The IDB president said that he would like to thank Korea for its active efforts and economic cooperation with Central and South America, such as the 2017 KOREA-LAC Business Summit. Moreno also said he will continue to support and look forward to Korea’s larger role with the IDB.
The IDB was established in 1959. It’s a financial organization designed to boost economic and social development, and economic integration, within Central and South America. Korea joined in March 2005.
eykim86@korea.kr
