N. Korea has unpaid loan of US$40 mln with U.N. agricultural agency: report

SEOUL, July 22 (Yonhap) -- North Korea has not paid back its outstanding loan of US$39.95 million owed to a United Nations agricultural development agency for nearly a decade, the agency said in a recent report.

In its annual report, the International Fund for Agricultural Development (IFAD) said North Korea has only reimbursed $10.54 million out of the $50.49 million it borrowed from the agency.

IFAD is a specialized agency of the U.N. that aims to reduce rural poverty and food shortages by providing loans to developing countries. It was founded in 1977 following the global food crises in the early 1970s.

The agency provided loans to the North to support household and individual-based loans from 1996 to 2008.

In a press conference in Seoul last year, IFAD President Gilbert Houngbo said the agency received a letter from the North a few years ago saying it is ready to pay the amount but that sanctions have hindered IFAD from recollecting the loans.

IFAD does not currently have active operations in North Korea, its website said.

julesyi@yna.co.kr
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