Asia-Pacific
DPRK to set up State Development Bank: report
(Xinhua/Agencies)
Updated: 2010-01-21 10:59
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The Democratic People's Republic of Korea (DPRK) will set up a state development bank to invest in major projects according to state policy, the official Korea Central News Agency said yesterday.
The bank was set up under an order from the country's National Defense Commission (NDC).
An affiliated company, the Korea Taepung International Investment Group, was also established. Its role was to "ensure the induction of investment and finances for the State Development Bank," the KCNA said.
"The National Defence Commission's decision on establishing the State Development Bank was conveyed" in the first meeting of the Board of Directors of the Korea Taepung International Investment Group, an external economic cooperation body, according to the report.
Korea Taepung International Investment Group, to be based in Pyongyang, will help ensure the introduction of investment and finances for the bank, the report said.
