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(Yonhap) |
SEJONG -- South Korea will become a non-regional partner of the Central American Bank for Economic Integration (CABEI), a regional lender of Central American nations, in August, officials said Tuesday.
In January last year, South Korea joined the multilateral lender and provided $630 million to the CABEI for a 9 percent stake in the lender.
A non-regional member could become a partner of the CABEI if its stake is above 8 percent, according to Seoul's finance ministry.
South Korea and the CABEI have pledged to bolster ties throughout various aid programs.
Founded in 1960, the CABEI is aimed at extending loans to private and government-led development projects in the Central America region. (Yonhap)
