The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Yong Hwan Kim, “Korea Eximbank”) announced on November 22 that it signed an MOU with Canaan Farmers’ School to promote exchanges in the field of development cooperation at the Wonju Campus of Yonsei University.

This MOU commits the two institutions to exchange information about development cooperation, conduct researches and joint studies linked to development assistance programs, and cooperate to improve the effectiveness of Official Development Assistance (ODA).

This is the first MOU that the EDCF* of Korea Eximbank has signed with a civic organization, and one that lays the foundation for greater sustainability in development aid by complementing EDCF’s infrastructure building projects with the direct participation of citizens through a civic organization.

* The Economic Development Cooperation Fund (EDCF) was established by the Korean government in 1987 to promote economic exchanges and to assist developing countries in achieving industrialization and economic stability through the provision of long-term, low-interest credit. Korea Eximbank currently manages the fund as its trustee. As of October 2012, the EDCF has supported 280 projects in 50 countries with KRW 8.3 trillion.

Founded in 1962 by the late Yong Gi Kim, the Canaan Famers’ School is an educational institution that teaches ethics, community spirit, and leadership based on a philosophy that values hard work, volunteerism and sacrifice.

Located in Wonju, the second Canaan Farmers’ School offers short training courses for individuals and groups. It has opened other Canaan Farmers’ Schools in 7 different countries including Bangladesh and the Philippines to assist the poor in developing countries to become self-reliant.

Meanwhile the Vice-chairman Soep Shim of Korea Eximbank gave a lecture to 200 Yonsei University students in the Wonju campus under the theme of the changing foreign aid environment and Korea’s development cooperation strategy.

Stressing that “the focus of debate is shifting from aid effectiveness to development effectiveness ever since the 2011 High Level Forum on Aid Effectiveness,” Vice-Chairman Shim offered an analysis of the development cooperation regimes of major donor countries such as Germany and France in order to chart a way forward for Korea’s development cooperation efforts.