SEOUL – The Inter-American Development Bank (IDB) and the Korea Institute for Advancement of Technology (KIAT), within the context of the 6th Korea-LAC Business Summit, signed a memorandum of understanding (MoU) to strengthen collaboration to foster support for sustainable development and the transition to a low-carbon economy in Latin America utilizing innovative technology and Korea’s experience.
KIAT president, Min Byung-Joo, and IDB’s 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.
KIAT has been continuously cooperating with the IDB through Official Development Assistance (ODA) projects in the energy sector since 2019. Currently, 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, 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 laying the groundwork for domestic companies to enter emerging markets,” KIAT president 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,” said IDB vice president Benigno López.
The collaboration encompasses the joint identification of evidence-based projects, joint consultations, knowledge exchange, personnel exchange, among others, to support the solid operation and execution of the projects.