This image, captured from the website of the Central American Bank for Economic Integration, shows the logo of the regional development bank. (Central American Bank for Economic Integration)
A Central American development bank has decided to open a South Korean office in Seoul as part of efforts to strengthen ties with Asia's fourth-largest economy, the finance ministry said Sunday.
The Central American Bank for Economic Integration (CABEI) has notified the Korean government and the Seoul municipality that its Seoul office will be set up in the capital's financial district of Yeouido, according to government officials.
The bank has the goal of opening the office within this year.
Founded in 1960, CABEI is aimed at extending loans to private and government-led development projects on infrastructure and energy in Central America.
The finance ministry said the CABEI's Seoul office will help more South Korean firms make inroads into the Central American market, and serve as a chance for Seoul to become a financial hub in Northeast Asia.
South Korea joined the multilateral development bank in January 2020, becoming one of its seven non-regional member countries. The lender has eight regional member states, including El Salvador and Nicaragua. (Yonhap)