The South Korean Ministry of Economy and Finance announced Tuesday that it had signed an agreement with the Inter-American Development Bank (IDB) to double the maximum amount of its loan program for Latin America. Starting next year, the loan ceiling will be raised from $500 million to $1 billion.
The signing ceremony was held in Seoul, after a meeting between Finance Minister Choo Kyung-ho and IDB President Ilan Goldfajn. According to the ministry, the updated limit will help to meet the growing demand for development in Latin America, and assist South Korean firms in entering the region.
The EDCF-IDB loan program allows South Korea and Latin American countries to collaborate on infrastructure projects, and share the costs of operation. South Korea initiated the EDCF program in 1987, in order to provide support to other developing nations in building basic facilities.
colin@yna.co.kr
(END)