North Korea applied for ADB membership

North Korea has submitted a request for membership to the Asian Development Bank (ADB). The Ministry of Finance and Economy stated today that Undersecretary Kim Yong-Moon of North Korea`s Trade Department sent an official letter to president Tadaochino of the ADB August 21 officially stating the North`s intention to become an ADB member.

It was also revealed that North Korea proposed in the document that since it hopes to join ADB, an ADB representative delegation should be sent to discuss matters related to its membership.

At present, the ADB Headquarters in Manila is listening to the perspectives of such important member countries as the U.S., Japan, and South Korea on North Korea`s membership. Related to this, ADB chief vice president Shin Myong-Ho paid a visit to Jin Nyum, the minister of finance and economy, yesterday, and explained North Korea`s intention to become a member of ADB. The two men discussed cooperation measures between the South Korean government and ADB.

The South Korean government has been actively supporting North Korea`s bids to become a member of international finance organizations. In his opening speech at the Asia Pacific Economic Cooperation (APEC), President Kim Dae-Jung stated that North Korea expects to receive support from International Bank for Reconstruction and Development (IBRD), International Monetary Fund (IMF), and ADB. However, the U.S. and Japan, the largest sponsors of ADB, have not expressed a clear position yet.

North Korea previously expressed its desire to become a member of ADB in the mid-90`s, but the bid failed due to strong opposition from the U.S. and Japan, who suspected the North of terrorist activities and abducting Japanese nationals. In order for North Korea to become a member country, the membership request must be agreed upon by 12 council members at a general meeting with an attendance rate of 3/4 of the total share ratio and that receives over 2/3 of the attendance share ratio.