EDCF·IDB Cooperation Loan Limit Increased from 500 Million to 1 Billion USD

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho met with Ilang Goudpaing, President of the Inter-American Development Bank (IDB), at the Shilla Hotel in Seoul on the 12th and signed a "Letter of Intent to Renew the Cooperation Loan" between the Economic Development Cooperation Fund (EDCF) and the IDB.

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is shaking hands and greeting Ilang Goudyfile, President of the Inter-American Development Bank (IDB), ahead of their meeting on September 12 at the Shilla Hotel in Jung-gu, Seoul.

A cooperation loan is a method in which two or more institutions share funding for a specific project or business activity. The agreed loan project limit between the two sides this time is 1 billion USD, and the renewal period is until 2029. President Goudpaing explained the IDB's key investment areas and the need to strengthen cooperation with the private sector during the meeting, requesting support from the Korean government.

In response, Deputy Prime Minister Choo urged the IDB to further activate existing cooperation methods such as trust funds and cooperation loans to support Korean companies' entry into the Latin American market. The Ministry of Economy and Finance stated, "We plan to effectively respond to the growing development demand in Latin America by utilizing this cooperation loan signing and support the advancement of Korean companies."

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