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S. Korea to support Ecuador's electric vehicle recharging project

All News 14:50 March 11, 2016

SEJONG, March 11 (Yonhap) -- The South Korean government said Friday that it will help Ecuador build recharging stations for electric vehicles as part of its international aid fund operations in developing countries.

The Ministry of Strategy and Finance said it held a meeting in the Ecuadorian capital of Quito with the South American country to discuss ways to expand projects funded by the Korea Economic Development Cooperation Fund (EDCF).

South Korea will support the Ecuadorian government's plans to install 12,000 recharging stations nationwide and build an electric car assembly line by 2020 in a bid to gain a foothold in the South American electric car market.

The EDCF is a state-run fund launched in 1987 aimed at helping poor and less-developed countries with loans that carry low interest rates.

South Korea is the only country in the world that has transformed from a recipient country of official development assistance to a significant donor over the past decades.


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