North Korea: New Europe?
Finance ministers and other executives busy discussing the future of Eastern European transition economies at a European Bank for Reconstruction and Development meeting were reminded of a country far from Europe which needs aid to transform its economy.
South Korea thinks its Stalinist neighbour should receive aid from the London-based lender, set up in 1991 to help former communist countries make the transition to market economies.
“I strongly recommend North Korea as a next candidate to become a recipient country, once it decides to transform itself into a market economy,” Young Geol Lee, vice minister of strategy and finance, said in a speech. “Please bear in mind that North Korea has great potentials as a future client of the EBRD.”
The EBRD is owned by 61 countries as well as the European Union.