Activities will promote development in Latin America and the Caribbean
CALGARY, Canada – The Government of the Republic of Korea and the Inter-American Development Bank signed today a memorandum of understanding to cooperate in knowledge sharing and consultation activities that will benefit the IDB member countries in Latin America and the Caribbean.
The document was signed by the First Vice Minister of the Ministry of Strategy and Finance of the Republic of Korea, Jong-Yong Yim, and IDB President Luis Alberto Moreno, during the IDB’s Annual Meeting.
President Moreno welcomed the agreement and hailed the importance of this cooperation to share the knowledge and experience of the Asian country with the region, increasing South-South cooperation.
Korea and the IDB will pursue joint efforts to create programs to promote urban development, trade facilitation, and other activities that will support socio-economic development. In addition, the agreement is expected to produce joint research, consultations and policy workshops. A capacity-building training program for middle and high-level government officials and possible opportunities for co-financing of projects will be explored.
The IDB, the world’s largest regional development institution, and the Korean Government are also strengthening their relations and partnerships to provide advisory services in environmental protection, energy efficiency and sustainable finance.
Korea joined the IDB as the Bank´s 47th member in 2005. Since then, it has financed several IDB initiatives, including the recently launched Emerging and Sustainable Cities Platform, 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, has facilitated these partnerships, which provide additional support to its member countries and a platform for doing business in the region.