The Honduran government on Tuesday announced a number of new agreements with South Korea, including a solar energy pact that would provide the Central American country with a $49 million loan for electricity generation projects.
The Export-Import Bank of Korea will finance the initiative, which promotes community development and runs conjunction with Honduras National Program for Sustainable Development (PRONADERS). South Korean volunteers will take part in the project, known as New Town and located in western Honduras.
According to a report from the administration of Honduran President Pepe Lobo, South Korean companies are interested in both electricity generation plants as well as mega projects, although it did not specify what types of solar projects would be financed by the loan.
As part of the initiative, South Korean volunteers will travel to Honduras to work on the projects.
In addition to energy cooperation, Honduras and South Korea signed new agreements in a wide range of areas, including political relations, academics, public safety, health, trade and information technology.