Sejong, July 13 - On July 12, the Korea Environmental Industry & Technology Institute (KEITI, Acting President Lee Woo-won), an affiliate of the Ministry of Environment, signed a Memorandum of Understanding (MOU) with the Central American Bank for Economic Integration (CABEI) for environmental cooperation. The MOU was signed to support Korean environmental companies entering the Central American market. The MOU primarily focuses on information exchange, consultation, and joint projects related to Central American nations' responses to climate change and environmental improvements. KEITI has signed agreements with several multilateral development banks since 2017, including the World Bank, Asian Development Bank, and Inter-American Development Bank.

CABEI is the largest Central American financial institution for international development, investing 43% (USD 8.62 billion) of its total investment in public infrastructure, including the environmental section. With the growing demand for environmental infrastructure in Central America due to recent economic development and climate change, the agreement is expected to expand the opportunities for competitive Korean environmental companies to enter Central America. 

KEITI is currently engaged in two cooperation projects with CABEI in the Central American region. As for the Costa Rica project, KEITI is reviewing climate change vulnerability and developing a roadmap to respond to climate change following establishing extensive environmental infrastructure through the new waterworks project for the metropolitan area. The Panamanian project involves transferring appropriate technology for building small potable water facilities in farming regions.

"To improve environmental infrastructure in Central America, we will share Korea's experience and technology. Furthermore, we will discover business opportunities for environmental companies and secure financial resources," said KEITI Acting President Lee Woo-won.

Contact: Yoo Seung-min

Office of Overseas Business Promotion, KEITI/ +82-(0)2-2284-1758

Foreign Media Contact: Chun Minjo(Rachel)

+82-(0)44-201-6055 / rachelmchun@korea.kr