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South Korea will establish a US$40 million fund to help Latin American countries
establish economic development plans and enhance governance structures, the
finance ministry said Tuesday.
The creation of the fund, announced by Vice Finance Minister Shin Je-yoon at the annual meeting of the Inter-American Development Bank (IDB) in Uruguay, calls for extending support so countries can create viable national growth strategies, better manage fiscal spending and introduce efficient electronic administrative systems.
The ministry said the five-year support plan calls for 8.6 billion won (US$7.6 million) to be offered in 2012.
South Korea has taken steps in recent years to share its economic growth experience with emerging economies and give funds to help the underprivileged living in Central and South America.
At the four-day-long IDB gathering which ended Monday, Shin said that Latin America is emerging as the economic growth engine for the rest of the world, and there is a pressing need to enhance administrative governance in the region.