Board of directors of North Korea's commercial bank holds first meeting.

10/3 Tass 323

PYONGYANG, March 10 (Itar-Tass) - Board of Directors of North Korea's
State Development Bank has held its first meeting in Pyongyang, Korean
Central News Agency /KCNA/ said Thursday.

According to the agency, a decision on setting up this financial
organization was taken by the State Council for Defence in the interests
of promoting foreign trade and economic cooperation.
Apart from representatives of the government, the Finance Ministry,
the Asia/Pacific Peace Committee of the Democratic People's Republic of
Korea, and the Korea Taepung International Investment Group, having seats
on the board are two independent directors.
North Korean representative Yong Il Chun has been elected Director
General of the board and Park Chulsou, a Korean living in China, has
become Yong's deputy.
The KCNA said the meeting focused on discussions of the bank's draft
Charter, the budget for 2010, the rights and duties of bank workers, and
proposals for how to govern this financial institution.
The State Development Bank is expected to invest in the implementation
of large-scale projects in the DPRK in line with the guidelines of state
policy and to perform the functions of a commercial bank.
-0-kle/usn