□ The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Yoon Hee-sung, “Korea Eximbank") announced on March 19 that it hosted the ”2024 EDCF* Strategy Conference“ on March 18. The event was for engineering, construction, consulting firms, and industry associations.

* The Economic Development Cooperation Fund (EDCF) : Korea Eximbank has been entrusted by the Ministry of Strategy and Finance of Korea to operate and manage the 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.

□ During the conference attended by 200 participants, Korea Eximbank unveiled its three-year EDCF mid-term strategy (2024~2026) with enhanced schemes and 2024 project plans at the bank’s headquarters in Seoul, Korea. 

□ The strategy’* outlines key actions, including effective utilization of increased ODA budgets** through its more advanced schemes, identification of large-scale landmark projects and diversification of its support models.

* The three year EDCF mid-term strategy was announced in the EDCF Management Committee.

** Korea’s total ODA and EDCF budgets increased by 31% and 35% year on year to 6.3 trillion and 2 trillion, respectively.

ㅇ In particular, the bank shared its enhanced support schemes shortening processing time for each EDCF procedure. It prepared the session by having gathered grievances and suggestions from EDCF stakeholders.

□  Furthermore, to ensure companies can plan effectively, Korea Eximbank provided detailed information on scheduled order lists*, bid timelines, and bid processes. 

 * Approximately 85 orders expected (27 F/S projects, 32 consultancy projects, and 26 procurement projects) 

□ Korea Eximbank Senior Executive Director, Hwang Ki-yeon, said at the conference, “Korea Eximbank is committed to actively implementing the government’s ODA expansion policy. This will serve as a strong foundation for Korean companies to enter the infrastructural market in developing countries.” 

ㅇ He continued to say, “It is expected that EDCF projects will be implemented more effectively and in a timely manner as we have addressed concerns raised by companies regarding procedural inconveniences in past meetings.”

□ At the meeting, Director of the Development Cooperation Division of the Ministry of Economy and Finance, Choi Ji-young said, “2024 is a crucial year for Korea to solidify its role as a leader in international development cooperation. EDCF’s quantitative and qualitative advancements are vital to achieving this goal. We encourage Korean companies to actively participate in EDCF projects with renewed interest.”