SOUTH KOREA
North Korean Bank Membership Bid Wins Support: South Korea has decided to back an expected North Korean bid to join the Asian Development Bank, a multinational organization that provides economic development loans and technical assistance. North Korea is expected to seek membership as part of an effort to stimulate its economy and accelerate trade with South Korea. North Korea has little foreign exchange and is seeking foreign loans to finance projects such as the planned special economic zone in the Tumen River area. The application will be discussed at the bank’s annual meeting in May, 1992.
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