The South Korean finance minister will head to the Bahamas this week to attend the annual board meeting of the Inter-American Development Bank, where he will discuss bilateral and multilateral cooperation with his Central American counterparts, the finance ministry said Thursday.

Yoo Il-ho, who is doubled-hatted as vice prime minister for economy, will depart late Friday on a 10-day trip that will also take him to the United States for a meeting of G20 finance ministers and central bank governors, according to the Ministry of Strategy and Finance.

On the first part of his trip, Yoo will attend the two-day meeting of the IDB board of governors over the weekend.

South Korea has been serving a one-year term as chair of the board since March 2015.

While attending the annual meeting, Yoo will hold bilateral talks with IDB chief Luis Alberto Moreno and his counterpart from Nicaragua Ivan Acosta Montalvan, to discuss ways to boost the countries' bilateral cooperation, the ministry said in a press release. Nicaragua is currently the largest destination for South Korea's official aid among Latin American countries.

Following the three-day visit to the Bahamas, the South Korean minister will head to New York on Monday (U.S. time), where he is scheduled to hold a series of press interviews and meetings to explain his country's current economic condition.

He will head to Washington on Wednesday for the G20 finance ministers and central bank governors' meeting slated for April 14-15.

While in Washington, the South Korean minister will hold a series of bilateral talks with his G20 counterparts, along with three separate meetings with all three major global credit rating agencies -- Moody's, Standard & Poor's and Fitch. (Yonhap)