WASHINGTON, CMC – The Inter-American Development Bank (IDB) Tuesday said Korea has agreed to renew and expand the Korea Infrastructure Development Co-financing Facility for Latin America and the Caribbean (KIF).
The IDB said that the agreement for an additional one billion US dollars is the largest-ever replenishment since its inception in 2015.
The IDB said that the expansion of the KIF will enable the IDB Group to make available additional resources for the region’s critical development in infrastructure and energy, social sector, and technology, among others.
IDB President Ilan Goldfajn signed a Letter of Intent with Choo Kyung-ho, Korea’s Deputy Prime Minister, to formalize the agreement.
“This large-scale replenishment, as formalized by today’s Letter of Intent, far surpasses the cumulative amounts of all previous phases combined. This contribution will enhance our efforts to bridge the infrastructure gap within Latin America and the Caribbean.
“Moreover, the expanded KIF signals a new era of elevated cooperation between Korea and the IDB Group,” said Goldfajn.
The Korean Deputy Prime Minister said, “Today’s Letter of Intent strengthens our cooperative framework and paves the way for further projects between Korea and the IDB Group, encompassing areas such as infrastructure, energy, social development, and technology.”
The IDB Group and the Korean Ministry of Economy and Finance (MoEF) structured the first phase of KIF for US$100 million in 2015.
Administered by the Export-Import Bank of Korea (KEXIM) and funded by the MoEF, the facility has effectively underpinned co-financing initiatives between the IDB and Korea, enabling sovereign-guaranteed concessional loans for the IDB’s projects.
The IDB said that US$845 million has already been allocated across 18 IDB co-financed projects and that this success will be further propelled by the upcoming first Korea-LAC Innovation Forum, scheduled for next month.
“The forum aims to introduce innovative Korean technologies to the region, elevating the partnerships to new heights,” the IDB said.
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