Finance Minister Kim Dong-yeon held talks on Thursday with Jin Liqun, president of a Chinese-led regional lender, during which the two sides agreed to step up cooperation, officials said.
The talks between Kim and Jin were held a day before the annual meeting of the Asian Infrastructure Investment Bank (AIIB) in South Korea's southern island of Jeju.
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(Yonhap) |
During the meeting, Kim told Jin that South Korea wants to develop "strategic cooperation" with the AIIB, Kim's ministry said in a statement.
The AIIB is expected to approve a US$1 billion project to build a hydropower plant in Nenskra, Georgia, during the second half of this year, according to the statement.
The project will be led by South Korea's state-run Korea Water Resources Corp.
Meanwhile, Kim also agreed to provide $8 million to a special fund set up by the AIIB to help the lender prepare for infrastructure projects in developing nations, according to the statement. (Yonhap)
