IFC and Korea boost south-south investments
IFC has signed a memorandum of understanding (MOU) with the Export-Import Bank of Korea and Korea Finance Corporation to promote investments in developing countries.
The MOU aims to foster investments from developing countries in other developing countries, promote climate-friendly industries, support small and medium enterprises, and boost infrastructure investment, the IFC says.
Lars Thunell, IFC’s executive-vice president and chief executive officer says: “Supporting sustainable South-South investments and knowledge transfer is a priority for IFC globally. Such investments tend to be more resilient to economic disruptions and shifts in global trade flows. We are keen to work with our Korean partners on projects that can generate growth and create opportunity where it’s needed most.”
Since its first investment in Korea in 1968, the IFC has provided US$941mn in funding to approximately 50 companies.
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