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Weapons of Mass Destruction (WMD)

1st Board Meeting of Development Bank

Korean Central News Agency of DPRK via Korea News Service (KNS)

Pyongyang, March 10 (KCNA) -- The first meeting of the Board of Directors of the State Development Bank took place at Yanggakdo International Hotel on Wednesday.

It was attended by directors of the board of the bank and officials concerned as observers.

Conveyed there was a decision of the DPRK National Defence Commission "On establishing the State Development Bank."

The board of directors is made up of representatives of the NDC of the DPRK, the Korea Asia-Pacific Peace Committee, an office concerned of the DPRK, the Ministry of Finance, the Korea Taepung International Investment Group and two independent directors.

At the meeting Jon Il Chun, representative of the DPRK NDC, was elected director-general of the board of the bank and Pak Chol Su, a Korean resident in China, deputy director-general of the board of the bank.

The meeting discussed and decided the draft statute of the State Development Bank, the proposal for operating the bank and its draft financial budget for Juche 99 (2010), the statute of its experts committee and the proposal for its management structure.

Having advanced banking rules and system for transactions with international monetary organizations and commercial banks, the State Development Bank will operate as a comprehensive financial institution making investment in major projects, pursuant to the state policy, and performing the function as a commercial bank.

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