Korea to expand participation in EBRD projects

South Korea and the European Bank for Reconstruction and Development agreed on Tuesday to help the country's companies participate in more infrastructure construction projects in eastern Europe, the finance ministry here said.

Finance Minister Yoo Il-ho had a meeting with EBRD President Suma Chakrabarti in Seoul to discuss ways to bolster economic cooperation between South Korea and the EBRD, according to the Ministry of Strategy and Finance.

Yoo asked Chakrabarti to give South Korean companies more opportunities to participate in EBRD-led projects to build roads, hospitals and power plants in eastern European countries and former Soviet Union nations.

The India-born official said that South Korean companies are competitive enough to join the EBRD's infrastructure construction programs.

Currently, South Korean builders clinched six EBRD-initiated deals, including one to build a hydro-electric power station in Georgia.

Also, the two sides signed a memorandum of understanding on cooperating for the EBRD's project to establish a knowledge system on the political transition of eastern European countries.

"The EBRD system will help South Korea deal with possible reunification in the future," said Yoo. (Yonhap)