The Inter-American Development Bank (IDB) and the Korean Institute for the Promotion of Technology (KIAT), in the context of the 6th Korea-LAC Business Summit, signed a memorandum of understanding (MoU) to strengthen collaboration to foster support for the sustainable development and the transition to a low-carbon economy in Latin America using innovative technology and the experience of Korea.

The collaboration encompasses the joint identification of evidence-based projects, joint consultations, knowledge sharing, staff exchange, among others, to support the sound operation and execution of the projects.

KIAT has been continuously cooperating with the IDB through Official Development Assistance (ODA) projects in the energy sector since year 2019. Currently, there is ongoing collaboration on three projects, which includes the ‘Green Energy Island Project in Guanaja, Honduras’, for which the equivalent of 14 million dollars in non-reimbursable financing has been secured.