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<div data-bbox="687 100 829 113" data-label="Page-Header">2002. 7. 4. (목요일)</div>
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<p>environmental impact assessments, feasibility and final design of projects, sector studies, capacity building, institutional strengthening, and training, among others. Funds provided shall be made available in the form of grants and shall be used in accordance with applicable IDB policies and procedures.</p>
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<h3>ARTICLE III</h3>
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<h4>Cooperation and Consultation</h4>
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<li>1. Selection of projects to be financed shall be determined through consultations between the IDB and representatives of Korea, and on the basis of such consultations the Bank shall determine and approve the financing of each project.</li>
<li>2. The IDB shall prepare and appraise the projects financed by the Fund in accordance with the Bank's policies and procedures. The IDB shall keep Korea informed about the progress of the execution of this Agreement. The parties may meet at each other's request to share information about the operations to be prepared, indicate priorities for programming, inform each other about results obtained through this Agreement and evaluate constraints. Representatives of the beneficiary country may be invited to such meetings.</li>
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<li>3. The Financial Support Services Sub-department of the Bank shall be the administrator of this Agreement on behalf of the Bank. As such, it shall provide Korea with periodic information about the implementation of the Agreement, arrange consultation meetings and chair these meetings.</li>
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<p>facilitate their administration. The Account shall be denominated in United States dollars (USD) and may be invested at the discretion of the Bank. The reporting currency of the Fund shall be United States dollars.</p>
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<li>4. Resources provided by Korea under this Fund shall be administered by the Bank with the same degree of care and diligence in the discharge of its functions under this Agreement as it exercises with respect to the administration and management of its own affairs.</li>
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<li>5. If, at any time, the Bank determines that any amount of the Fund shall not be used in accordance with the terms of this Agreement, the Bank shall, unless otherwise instructed by Korea, promptly return such funds to Korea.</li>
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<h3>ARTICLE II</h3>
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<h4>Use of the Fund</h4>
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<li>1. The Fund shall be used initially to finance, on a grant basis, IDB technical cooperation activities aimed at assisting Colombia's social development. Korea may also make additional contributions to the Fund in the future to finance other technical cooperation activities as to be determined at the time of such contributions. Priorities with respect to the nature and sectors of projects to be funded may be determined through consultations between the parties, within the scope of the priorities defined by the Bank and the Republic of Colombia.</li>
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<li>2. Resources provided by the Fund shall be used for technical assistance activities, such as project identification and appraisal.</li>
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