International Development Finance Club
The Korea Development Bank (KDB) joined the International Development Finance Club (IDFC) as its 23rd member on Oct. 11.
The IDFC is an international organization established in 2011 for the co-exploration of business opportunities and expertise sharing in the fields of sustainable infrastructure, alternative energy, and social development. Its members consist of 20 countries’ development finance agencies such as the Kreditanstalt für Wiederaufbau (KfW) of Germany, Agence Française de Développement (AFD) of France, China Development Bank (CDB), Brazilian Development Bank (BNDES), and the three regional institutions including the Development Bank of Latin America (CAF).
“The KDB’s accession to the IDFC will lead to new opportunities in climate finance, environmental-friendly industrial development, and many more areas,” said KDB Chairman Hong Ki-taek, adding, “We are also looking forward to the spread of the Saemaeul Movement via partnerships with our peers in developing countries.”
The KDB and KfW signed an MOU with each other during this year’s IDFC general meeting that kicked off in Lima, Peru on Oct. 11. The former explained that the MOU will allow the German bank’s knowledge on national reunification to be imparted to Korea, in that it played a crucial role in financial integration during the unification of Germany.