The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Lee Duk-Hoon, "Korea Eximbank") announced on March 15 that it signed a Memorandum of Understanding (MOU) with the World e-Governments Organization of Cities and Local Governments ("WeGO").

WeGO, established in September 2010, is an international cooperative body for cities and local governments pursuing sustainable urban development based on e-Government.

With Seoul as its President City since its establishment, WeGO has 95 member cities in the world.

Korea Eximbank Senior Executive Director Kim Sung-taek met with WeGO Secretary General Nam Young-sook and signed the MOU at the Bank's headquarters in Yeouido, Seoul, in which the two parties agreed on EDCF's support to the e-Government projects conducted by WeGO, WeGO's consultancy on EDCF-funded feasibility studies for e-Government projects, and mutual cooperation on joint activities including seminars and case studies.

* The Economic Development Cooperation Fund (EDCF) was established by the Korean government in 1987 to promote economic exchanges with the developing world and to assist developing countries in achieving industrialization and economic stability through the provision of long-term, low-interest credit.

Amid increasing significance of EDCF’s support for e-Government projects, the MOU signed on the day is intended to explore e-Government project opportunities and increase the effect of EDCF support through cooperation with WeGO having experience, know-how and wide network in the field of e-Government development.

With the MOU, it is likely that 63 WeGO member cities of EDCF partner countries would benefit from EDCF's support for their e-Government projects.

After signing the MOU, Senior Executive Director Kim remarked, “Through cooperation with WeGO, Korea Eximbank will take the lead in spreading Korea's excellent e-Government systems, thereby contributing to establishing e-Government systems in cities in developing countries and to enhancing their capacity in the area."