News Releases

Mar 30, 2009

Korea and IDB: Finance up to $2 billion of projects and strengthen partnership on Green Growth

The Export-Import Bank of Korea and the Inter-American Development Bank (IDB) will sign a an agreement to co-finance public and private sector projects worth as much as $2 billion in the next three years in Latin America and the Caribbean.

Kexim, as the Korean official export credit agency is known, and the IDB will work together to share information and identify and finance projects in infrastructure, information technology, trade finance and other areas. The accord will be signed in Medellín, Colombia, during the 50^th Annual Meeting of the IDB’s Board of Governors.

Also during the annual meeting, the IDB and the Korean government, one of the Bank’s 48 member-countries, will also sign a cooperation agreement on Green Growth to develop and promote the use of renewable energy, efficient energy technologies and practices and carbon finance activities in Latin America and the Caribbean.

"We are honored by the presence in Medellín of Vice Minister Kyung Wook Hur and Kexim's President Dong-soo Kim, whom on behalf of the Korean Government are making a special contribution to more sustainable economic growth in Latin America and the Caribbean by providing cutting-edge green technologies,”said IDB President Luis Alberto Moreno. “Kexim's remarkable support with this large credit facility will allow the IDB to enhance its infrastructure financing during these difficult economic times".

The accord also involves the creation of Green Growth Operations Steering Committee, formed by IDB officials, the Ministry of Strategy and Finance of Korea and members of Kexim. The committee will help in the formulation of policies that promote economic growth with environmental sustainability inn the region.

The IDB, the world’s largest regional development institution, and the Korean government are also strengthening its relations and partnering to provide advisory services in the areas of environmental protection, energy efficiency and sustainable finance.

Korea joined the IDB in 2005 as the Bank´s 47^th member.  The Asian nation has financed several IDB initiatives since then, including poverty alleviation programs and the development of small- and medium-sized enterprises in Latin America and the Caribbean.

The IDB, through its Office of Outreach and Partnerships (ORP) has facilitated the accomplishment of these partnerships that will provide additional financial and non-financial resources to its member countries and is now effectively becoming the platform for doing business in the region.

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