Signing of a business agreement with CABEI, the Central American Multilateral Development Bank

KT announced that it signed a comprehensive memorandum of understanding (MOU) with the Central American Bank for Economic Integration (CABEI) at its CABEI branch in Costa Rica.

CABEI is a leading multilateral development bank established in 1960 to promote balanced development and economic integration in Central America. Currently, it has 14 member countries in Central and South America, including Guatemala, Costa Rica, the Dominican Republic, and Colombia, and supports public and private program investment projects in areas such as infrastructure and energy. Accordingly, this strategic partnership between KT and CABEI is expected to contribute to the revitalization of telecommunications and ICT projects in the Central and South American region.

The two companies agreed to comprehensive cooperation in four areas: Telecommunication Infrastructure Evolution & Innovation, Converged ICT Business, Business Strategy & Innovation, and Submarine Cable Construction Business.

Through this agreement, signed by KT Global Business Promotion Office Director Lim Tae-seong and CABEI Vice President Alejandro Rodriguez Zamora, KT is expected to discover mid- to large-scale business opportunities in the fields of telecommunications infrastructure and convergence ICT in Central and South America, and expand KT's reach in the global market.

CABEI Vice President Alejandro Rodriguez Zamora said, “We look forward to a wide range of cooperation with KT, a leader in the telecommunications industry in South Korea, a leading ICT country, in the fields of telecommunications and ICT, which are core infrastructure for economic development, as well as in business strategy and innovation.”

Meanwhile, CABEI is also taking the lead in activating trade between Korea and Central and South America, such as by signing an 'Implementation Plan for Activating Cooperative Financing with the Economic Development Cooperation Fund (EDCF)' with the Export-Import Bank of Korea in January 2017 and signing a loan facility agreement worth USD 300 million in April 2017 (April 2017).