The government will participate in a multilateral fund created by the European Bank for Reconstruction and Development(EBRD) that is aimed at assisting small- and mid-sized enterprises(SMEs) around the world.

The Ministry of Strategy and Finance said Friday that First Vice Finance Minister Choi Sang-mok announced the decision to join efforts of the Small Business Impact Fund during the EBRD 2016 Annual Meeting and Business Forum in London.

Speaking at a roundtable with ministers and heads of central banks from EBRD member countries, Choi said South Korea will join the institution's drive for inclusive growth by linking his country’s four initiatives for development cooperation with related EBRD projects. He proposed it as a way for South Korea to contribute to the international community, to which the other participants positively responded.

He also proposed sharing the outcomes and experiences of implementing South Korea's creative economy initiative to help enhance the productivity of the recipient countries of EBRD-led projects.