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Korea Exim News

Korea Eximbank Joins International Cooperation in responding to Climate Change in Colombia with EDCF

Date 2021.11.09 View 10249
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□ The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Bang Moon-kyu, "Korea Eximbank") announced on November 5 that it participated in international efforts to support the Colombian government's response to climate change through EDCF.

* Economic Development Cooperation Fund: EDCF : Korea Eximbank has been entrusted by the Ministry of Strategy and Finance to operate and manage the economic aid fund for developing countries since 1987. It provides long-term low-interest loans to support industrial development and economic stability in developing countries, and promotes economic exchanges between developing countries and Korea.

 

 

□ Korea Eximbank Chairman Bang Moon-kyu met with representatives of development banks*, including the Inter-American Development Bank (IDB), gathered in Glasgow, the UK, where the UN Climate Change Conference (COP26) was held on the 2nd (local time) and signed the "Colombia Sustainable and Resilient Growth Program Agreement" in the presence of Colombian president Iván Duque.

 

* Inter-American Development Bank(IDB), AfD(France), KfW(Germany), SIDA(Sweden), etc.

 

 

□ The program would reinforce Colombia’s 10 policy tasks, including Colombia's climate change response plans and climate financing, sustainable utilization of forest resources, energy transition to renewable energy sources, and the spread of low-carbon vehicle technology.

 

* Colombia announced its Nationally Determined Contributions (NDC) at COP26 to increase greenhouse gas emissions redcution targets from 20% to 51% by 2030.

 

 

○ Under the agreement, six development banks will provide a total of $1.2 billion worth of aid funds to Colombia as part of their joint efforts to address international climate change issues. Of this total, Korea Eximbank plans to provide $100 million through EDCF.

 

 

□ “As the only Latin American country which participated in the Korean War, Colombia has built close diplomatic and trade partnership with Korea,” said Korea Eximbank Chairman Bang Moon-kyu at a signing ceremony. "We will further expand our cooperation base in areas such as climate change response and sustainable growth with the country."

 

 

□ Previously, Korea Eximbank has provided $80 million in EDCF loans to Colombia to strengthen its digital economy and ICT capabilities and another $120 million support in project financing (PF) for the construction of the Bogota Bus Rapid Transit (BRT) system.