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PYONGYANG COMMISSIONS JOINT VENTURE FOR MICRO-CREDIT.
SEOUL, March 1 Asia Pulse - North Korea commissioned a financial joint venture with an Australia-based trust company to give micro-credits to local businesses.
The North's state-run Korean Central News Agency (KCNA) said on Feb. 23, "A ceremony for commissioning (North) Korea Maranatha Sinyong Ltd. was held here (Pyongyang) on Feb. 22."
It is likely that the commissioned company is the same one as Korea Maranatha Enterprise Development Ltd., which was known to have commenced activities as a financial joint venture between the North's Ministry of Finance and the Maranatha Trust Company in Australia in May 2004.
"It will contribute to creating funds necessary for business activities at different factories and enterprises and keeping production going at a high rate there," the KCNA said.
Paek Hyon-bong, chairman of the DPRK (North Korea) Committee for ...
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