S. Korea pledges US$3 million to EBRD this year

European Bank for Reconstruction and Development logo (Courtesy of EBRD Facebook)

SEJONG, May 15 (Yonhap) — South Korea pledged to provide US$3 million in funding to the European Bank for Reconstruction and Development (EBRD) this year as part of its effort to help transitional economies, the finance ministry said Friday.

The agreement to inject more money into the Korea-Technical Assistance and Cooperation Fund was reached during Vice Minister Joo Hyung-hwan’s visit to Tbilisi, where he took part in the development bank’s annual meeting, it said.

“The fund will help projects that can support countries making the transition from centrally planned to a market-oriented economy,” the ministry said.

It added Seoul wants to use the assistance fund, as well as the separate knowledge sharing program to expand ties with the EBRD.

“The vice minister also said South Korea wants greater stakes in various EBRD projects and to increase bilateral cooperation,” the ministry said.

At present, South Korean companies are engaged in the building of a power station and Eurasian tunnel in Turkey as well as the construction of a cogeneration plant in Mongolia.

Joo, moreover, called on the EBRD to strengthen ties with both existing and new organizations like the Asian Infrastructure Investment Bank.

In a meeting with Georgia’s Prime Minister Irakli Garibashvili, Joo asked for the government’s backing so the Nenskra hydropower program undertaken by Korea Hydro & Nuclear Power Co. can move forward smoothly, the ministry said.

The project is to be supported by the Export-Import Bank of Korea, Asian Development Bank and the EBRD.

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