Korea proposes fund for infrastructure

The Inter-American Development Bank has closed the 56th annual meeting of its board of governors, which featured a series of events that underscored the strengthening of ties between Asian, Latin American and Caribbean nations.

In her speech at the meeting’s inaugural session, Korean President Park Geun-hye proposed three new partnerships to guide cooperation between her country and Latin America and the Caribbean: expanding development cooperation to high added-value areas; establishing a common market for the free movement of people, goods and capital, and sharing development knowledge and experiences for mutual prosperity.

In addition, the Korean president announced that her country will establish a $100 million fund for infrastructure investments in the region and provide up to $1 billion in bilateral financing for projects in the region.

The board of governors is the Inter-American Development Bank’s top decision-making body. Its members are finance ministers, central bank presidents and other high-level authorities from the Bank’s 48 member countries.

The governors reviewed 2014 activities. Last year the bank approved a total of $13.6 billion in loans and guarantees and $214 million in grants for Haiti, confirming its role as the leading source of long-term financing for Latin America and the Caribbean.

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