The government will assist Ecuador in setting up electric vehicle(EV) charging facilities, using the state-run Economic Development Cooperation Fund(EDCF). 

The Ministry of Strategy and Finance said Friday that it discussed EV-related infrastructure during an EDCF policy meeting between South Korea and Ecuador in Quito on Thursday.

During the meeting, the Ecuadorian government sought help from South Korea in achieving its goal to set up seven-thousand to 12-thousand EV chargers in the country by 2020 and build an assembly line of electric vehicles.

The ministry said it has decided to accept the request as it could help pave the way for South Korean companies to make inroads to the EV market in Latin America.

The government said it will help Ecuador acquire EV-related technologies and review plans under which South Korean companies will assist in the maintenance and repairing of EV charging stations as well as building EV assembly lines.

The EDCF is a state-run fund launched in 1987 that aims to help emerging countries with low-interest loans.