BUSAN, Feb. 14 (Yonhap) -- The mayor of Busan said Thursday that the southern port city will be ready to host a North Korea Development Bank, if established, an idea recently floated by President Moon Jae-in on a visit to South Korea's second city.
Busan Mayor Oh Geo-don said in a news conference that Moon has proposed opening a debate on the foundation of a North Korea Development Bank in Busan and other inter-Korean cooperation projects on the sidelines of a special South Korea-ASEAN summit slated for later this year in the South.
The mayor said Moon made the proposal during his visit to Busan on Wednesday. The president vowed all-out efforts to redevelop the nation's second-largest city during his first visit to the port city in five months.
Oh explained that the new international institution in charge of developing North Korea will be pushed for, as the North's external opening will proceed faster than expected following this month's North-U.S. summit in Vietnam and another anticipated inter-Korean summit later this year.
"A system capable of providing stable funding to support the development of North Korea's basic infrastructure should be prepared in advance," the mayor said.
He explained that the initiative for the new development bank on North Korea may be led by the state-run Korea Development Bank with the participation of the World Bank, the Asia Development Bank and other international financial institutions.