South Korea, IDB Ink Loan Program for Latin America
Finance Minister Hong Nam-ki signed an agreement in Seoul on Friday to extend a loan program between the Economic Development Cooperation Fund (EDCF) and the Inter-American Development Bank (IDB), in this photo released by the Ministry of Economy and Finance. . (Ministry of Economy and Finance)
Finance Minister Hong Nam-ki and IDB President Mauricio Claver-Carone signed the agreement between the Economic Development Cooperation Fund (EDCF), South Korea’s low-rate loan program with the emerging countries, and the regional development bank, according to the Ministry of Economy and Finance.
The agreement will increase the EDCF-BID loan facility to $ 500 million by 2025, compared to the $ 300 million previously designed for 2018-2022. It will also provide support for projects carried out by private companies.
South Korea launched the EDCF program in 1987 with the aim of helping other developing countries with their basic infrastructure.
The EDCF-BID loan facility enables South Korea and Central and South American countries to jointly develop infrastructure projects in the region and share operating costs.
The fund was also spent to improve medical infrastructure in the region amid the COVID-19 pandemic. (Yonhap)