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Press Release

EDCF Hosts Seminar among Asia’s Four Aid Agencies

Date 2023.08.24 View 3831

□ The Export-Import Bank of Korea announced that its EDCF group hosted a seminar for four aid agencies in Asia, namely the Export-Import Bank of China (“CEXIM“), Japan International Cooperation Agency (“JICA“), Neighbouring Countries Economic Development Cooperation Agency (“NEDA“) of Thailand, and the Economic Development Cooperation Fund (“EDCF“) of Korea, on August 24.

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

 ㅇ Commencing in 2010, this annual four-party seminar has been held among aid institutions from Korea, China, Japan and Thailand.

 

 ㅇ The seminar’s objectives are to discuss key issues in international development cooperation, share information, and promote collaboration among these four institutions.

 

 

□ This year’s seminar featured key officials from each aid institution, including Korea Eximbank Vice President Park Jong-Kyu who heads the EDCF group at the bank, and NEDA Vice President Saranyu Viriyavejakul.

 

 

□ Under the theme of “Supporting Private Sector Development,” participants shared their institutions’ policies, strategies, and best practices for supporting the private sector and discussed facilitation measures.

 

 ㅇ They shared the importance of private sector development, including support for small and medium-sized enterprises, which significantly contributes to job creation and income growth for sustainable development in developing countries. The participants also explored specific collaboration approaches.

 

□ Recently, private investment in development cooperation projects has expanded to address developing countries’ debt alleviation and the implementation of large-scale infrastructural projects. As a result, it is expected that the four aid institutions will strengthen know-how sharing and cooperation efforts.

 

□ During the opening ceremony, Korea Eximbank Vice President Park Jong-Kyu remarked, “EDCF is planning to diversify its government-to-government support methodology and expand private sector development by building partnerships with international development finance institutions.”

 

 

□ Meanwhile, NEDA Vice President Saranyu Viriyavejakul said, “As Korea Eximbank operates not only export finance but also an aid program, the EDCF, we anticipate the bank’s expanded role in supporting the private sector.”