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The agreement will expand the FCDE -IDB credit line from US$300 million to US$500 million by 2025, which had originally been set for the period from 2018 to 2022. It will also provide support for projects sought by private companies.
South Korea's Ministry of Economy and Finance announced that its minister Hong Nam-ki and IDB President Mauricio Claver Carone signed the agreement between the Fondo de Cooperación para el Desarrollo Económico (FCDE), South Korea's low-interest loan program for emerging countries, and the regional development bank.
The EDCF-IDB credit line allows South Korea and Central and South American countries to develop joint infrastructure projects in the region and share operating costs.
The fund has also been used to improve medical infrastructure in the Latin American region in the midst of the COVID-19 pandemic.
South Korea launched the EDCF program in 1987 in an effort to assist other developing countries in their basic infrastructure projects.