Sejong: South Korea and the Inter-American Development Bank (IDB) have reached an agreement to expand their collaborative efforts on development projects aimed at supporting Latin America’s growth, as announced by Seoul’s finance ministry. During the annual meeting held in Sejong, both parties evaluated their existing joint initiatives focused on economic and social development in Latin American nations and discussed strategies for enhancing future cooperation.

According to Yonhap News Agency, the IDB emphasized South Korea’s significant role in poverty eradication and strengthening climate change responses in the region. The meeting highlighted the importance of South Korea’s contributions to various goals, including environmental sustainability.

The finance ministry expressed its commitment to broadening joint programs in sectors such as information and communication technologies and energy, where South Korea holds a competitive advantage. The ministry also expressed optimism for increased participation b
y South Korean companies in IDB-led projects, aiming to foster a mutually beneficial partnership.