The Inter-American Development Bank (IDB) has signed a memorandum of understanding (MOU) with the South Korea Institute for Advancement of Technology (KIAT) to strengthen collaboration for sustainable development and the transition to a low-carbon economy in the region utilizing innovative technology and South Korea’s experience.
The Washington-based financial institution said the agreement was signed within the context of the 6th Korea-LAC (Latin America and the Caribbean) Business Summit.
KIAT President Min Byung-Joo and IDB vice president for Sectors and Knowledge Benigno López Benítez signed the MOU on behalf of their organizations “to solidify cooperation in the areas of common interest between KIAT and IDB, such as renewable energy and green industry infrastructure,” the IDB said.
It said KIAT has been “continuously cooperating” with the IDB through Official Development Assistance (ODA) projects in the energy sector since 2019.
Currently, the IDB said there is ongoing collaboration in three projects, which includes the “Green Energy Island Project in Guanaja, Honduras,” for which the equivalent of US$14 million in grant financing has been secured.
In addition, the IDB said seven feasibility studies are being conducted this year to define new projects.
“Through industrial and energy ODA projects that utilize Korea’s technology and experience, it will not only be able to contribute to the realization of IDB’s mid-to long-term vision, which aims to realize a low-carbon economy but also lay the groundwork for domestic companies to enter emerging markets,” Min Byung-Joo said.
“At the IDB we are delighted with our continuous collaboration with KIAT and our strong partnership to support innovation, clean energy, sustainable development, and inclusive growth of Latin America and the Caribbean region,” López said.
The IDB said the collaboration encompasses the joint identification of evidence-based projects, joint consultations, knowledge exchange, and personnel exchange, among others, “to support the solid operation and execution of the projects.”
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