South Korea said Monday it will provide $53 million in loans and grants for nations in Central and South America to help them combat the coronavirus pandemic.

The Ministry of Finance and Economy said it will spend $50 million through an "Economic Cooperation Development Fund" via the Inter-American Development Bank (IDB). Another $3 million will be available to the IDB to help nations in Central and South America address challenges during the public health crisis, the ministry said in a statement.

South Korea is also seeking to share its experience of fighting the virus with nations in Central and South America, the ministry said.

South Korea has said it will increase humanitarian aid for developing nations to better combat the pandemic.

South Korea has promised to offer more than $400 million in loans and grants to emerging nations this year to help them push for health projects against the novel coronavirus.

South Korean officials have called for worldwide cooperation to combat the coronavirus, saying the disease is a common threat to the human race. (Yonhap)