This undated photo, provided by the Ministry of Economy and Finance, shows the exterior of the ministry building in the administrative city of Sejong, around 120 kilometers south of Seoul. (Ministry of Economy and Finance)
South Korea said Tuesday it will seek to provide low-rate loans up to 11.4 trillion won ($9.5 billion) to emerging countries for their projects by 2024.
The government plans to set the yearly approval ceiling of the Economic Development Cooperation Fund (EDCF) at 3.6 trillion won this year, and raise it to 3.8 trillion won next year and 4 trillion won in 2024, according to the finance ministry.
The government also plans to set the implementation goal of the EDCF at 4.5 trillion won over the next three years.
South Korea launched the EDCF program in 1987 in an effort to support economic and social infrastructure projects in developing countries.
The country plans to provide its low-rate loans mainly to projects in the green energy, digital and healthcare sectors.
The government plans to expand its EDCF support to the three sectors to $2.1 billion this year, up from its earlier goal of $2 billion. In 2025, it will be raised to $3.3 billion from $2.4 billion. (Yonhap)