The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Yong Hwan Kim, “ Korea Eximbank”) announced on August 10 the conclusion of an EDCF* loan agreement committing USD 200 million* for the Jalaur River Multipurpose Project Stage III (the "Jalaur Project") in the Philippines.

* EDCF (Economic Development Cooperation Fund) is an economic assistance fund offering developing countries long-term, low interest rate loans to support their industrial development and economic stabilization. EDCF was established by the Korean government in 1987 to increase cooperation with developing countries. EDCF has supported 279 projects in 49 countries, with a cumulative loan commitment of KRW 8.27 trillion, as of June 2012.


Largest EDCF support amount to date for a single project.

Executive Director Sang-wan Byun of Korea Eximbank met with the Minister of Finance of the Philippines, Cesar Purisima, at the Presidential Palace in Manila, Philippines for a signing ceremony.

The signing was also attended by the President of the Philippines, Benigno Simeon Cojuangco Aquino III, demonstrating the significance of the project to the Philippine’s national development agenda.

The Jalaur Project is the first water and agricultural development project implemented in the Philippines and aims to build multipurpose dams and irrigation facilities in Iloilo Province.

The project is anticipated to significantly improve agricultural productivity in the region and contribute to increasing the country’s food self-sufficiency.

The project is also anticipated to yield other benefits such as power generation, improved supply of drinking and industrial water, flood prevention, and promotion of ecotourism.

Executive Director Sang-wan Byun commented, “I am delighted that our Bank is providing support for the large-scale agricultural infrastructure development project in the Philippines, our ally during the Korean War and a priority partner for Korea ODA. The project is anticipated to further strengthen bilateral agricultural cooperation and assist Korean firms, with much expertise in dam construction and water resource management, expand into overseas markets.”

This project was first initiated during Korean President Myung-bak Lee’s state visit to the Philippines in November 2011 through conclusion of an MOU for EDCF support between Korea Eximbank and the Finance Ministry of the Philippines.