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The presidents of the Andean Development Corporation (CAF), Enrique Garc­a, and the Korean Export-Import Bank, Dong-Gyu Shin, have signed two institutional agreements to open channels of cooperation between the two institutions. The ceremony took place during the Annual Assembly of the Inter-American Development Bank (IADB) in the Brazilian city of Belo Horizonte.

Garc­a said that the signing of these agreements “strengthens relations between CAF and Korea, leading to a closer institutional relationship with a view to developing joint business to benefit CAF member countries and Korean interests”.

The first agreement will provide finance for exports of Korean goods and services to CAF member countries. The conditions of the agreement include short-term financing through letters of credit, use of guarantees and long-term financing up to 10 years. The Corporation has 17 member countries in Latin America, Caribbean and Europe.

The second agreement on cooperation establishes the conditions for the search for opportunities to co-finance projects of common interest in priority sectors which contribute to the development of the CAF member countries.