South Korea is set to become a member of the Central American Bank for Economic Integration(CABEI). 

The Ministry of Economy and Finance said Friday that First Vice Economy and Finance Minister Lee Ho-seung signed a protocol to join the Central American bank. 

CABEI’s Executive President Dante Mossi also signed the document on behalf of the bank. 

Founded in 1960 to help regional economic development and integration, the bank is represented by eight Central American countries, including Guatemala and El Salvador, and six non-regional members such as Taiwan and Mexico. 

South Korea will become its 15th member once the National Assembly ratifies the protocol. 

South Korea is the seventh largest stakeholder for the bank with seven-point-six percent of the shares, and expects to hold a seat on the bank's board.