Government, EBRD Additional $4.5 Million Contribution... Hong Nam-ki Urges "Korean Companies to Participate in New Cooperation Projects"

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, held a video conference with Odile Renault-Basso, President of the European Bank for Reconstruction and Development (EBRD), on the afternoon of the 22nd. (Photo by Ministry of Economy and Finance)

[Sejong=Asia Economy Reporter Son Sun-hee] The government has decided to contribute an additional trust fund worth a total of 4.5 million dollars to the European Bank for Reconstruction and Development (EBRD).

On the 22nd (Korean time), Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, held a video meeting with Odile Renault-Basso, President of the EBRD, at the Government Seoul Office, and discussed the main agenda of the 30th EBRD Annual Meeting scheduled for the 1st of next month and ways to strengthen mutual cooperation, the Ministry of Economy and Finance announced.

The EBRD is an international financial institution established in 1991 to support the transition of Eastern European and former Soviet countries to market economies.

On this occasion, Deputy Prime Minister Hong and President Renault-Basso signed an agreement on ▲ Korea's additional contribution to the EBRD Korea Technical Advisory Cooperation Fund (1 million dollars) ▲ additional contribution to the Early Transition Fund (1 million dollars) ▲ payment to the SME Support Fund to support SMEs and startups in Turkey (2 million euros).

Deputy Prime Minister Hong said, "Through the additional contribution to the trust fund, we hope to contribute not only to the urgent crisis response of recipient countries but also to the expansion of economic inclusiveness and the transition to a green economy, and to strengthen cooperation between Korea and the EBRD." He also requested, "In addition to the excellent cooperation projects currently underway, please continuously discover new cooperation projects so that Korean companies and personnel can participate." He also requested an expansion in the recruitment of Korean staff at the EBRD, including junior professionals (JPO), interns, and regular employees.

President Renault-Basso expressed gratitude for Korea's continuous cooperation through trust fund collaboration and responded, "We are pleased that the participation of Korean companies and personnel contributes to the sustainable development of recipient countries in various fields of EBRD projects." He added, "We will continue to strengthen exchanges and cooperation with Korean companies and institutions to discover new cooperation projects."

At next month's EBRD Annual Meeting, discussions are expected on climate change response goals and preparations for expanding recipient countries to Sub-Saharan Africa and Iraq. The EBRD has set a goal to ensure all activities comply with the Paris Agreement by the end of 2022.