KDB clinches deal with South Africa`s development lender

SEOUL, Dec. 18 (Yonhap) -- Korea Development Bank (KDB) said Friday it has
reached a preliminary deal with South Africa's largest development lender in a
bid to promote business cooperation and help support South Korean firms operating
in Africa.
South Korea's state-run lender said in a statement that the agreement with
Industrial Development Corp. (IDC) calls for arranging or taking part in
infrastructure and resources development projects in Africa and exchanging
related information.
"The move would help provide financial support to Korean firms in Africa and lure
more companies into making a foray into the region," said Min Euoo-sung, chairman
of KDB Financial Group Inc.
The IDC, 100 percent owned by the South African government, was established in
1940 and is making brisk investment in projects related to infrastructure and
resources development in Africa.
sooyeon@yna.co.kr
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