The Export-Import Bank of Korea (Eximbank) said Tuesday it signed a deal to provide a US$50 million loan to Bolivia to assist the country's development projects.
Eximbank President Kim Yong-hwan signed the deal with Bolivia's Development Planning Minister Carlos Villegas in Calgary, Canada, to provide the economic development cooperation funds, according to the state-run trade bank.
The deal came after a bilateral summit meeting in Seoul in August last year, in which President Lee Myung-bak agreed with his Bolivian counterpart Evo Morales to enhance cooperation in resources development.
The loan will be used to help Bolivia finance construction of two new bridges, the local bank said.
"The latest cooperative agreement is expected to expand Korea's economic ties with Bolivia, which is rich in mineral resources like lithium and tungsten," an Eximbank official said. "The deal is also expected to assist local firms' entrance to the South African region and prop up Korea's resources diplomacy."