BELMOPAN, Belize, CMC—Belize has signed two agreements with the Republic of Korea for grant aid and loans from the Korean Economic Development Cooperation Fund (EDCF).
The crucial agreements were signed by Amalia Mai, the chief executive officer in the Ministry of Foreign Affairs and Foreign Trade, and Won Hoon Cho, the Korean ambassador to Belize, underscoring their pivotal roles in this significant development.
The signing of the Framework Agreement for Grant-Aid is a major step forward in Belize-Korea bilateral relations, demonstrating Korea’s commitment to advancing development initiatives in Belize. This agreement also paves the way for the establishment of a Korea International Cooperation Agency (KOICA) office in Belize, a crucial development for facilitating larger-scale projects that are vital to Belize’s progress.
It said that the second agreement, concerning loans from the EDCF, formalizes Belize’s official eligibility for financial support from this Fund, which Prime Minister John Briceño successfully negotiated with President Yoon Suk Yeol of Korea during an official visit on August 1, last year.
The ministry said the negotiations paved the way for this agreement, followed by extensive negotiations by the Ministry of Foreign Affairs and Foreign Trade and the Ministry of Economic Development.
“Belize’s eligibility for the EDCF underscores its dedication to sustainable development and mutually beneficial partnerships. Collaboration with the EDCF opens avenues for crucial financial, technical, and technological assistance from the Republic of Korea as Belize strives for economic growth and social progress.”
During the signing ceremony, the Korean diplomat symbolically handed over various ICT equipment procured under the KOICA ‘Enabling the Belize Statistical System’ Project to seven government ministries, supporting Belize’s digital transformation agenda and evidence-based development planning.
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