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Press Release

Korea Eximbank holds 12th EDCF Advisory Committee

Date 2023.05.30 View 6441

□ The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Yoon Hee-sung, “Korea Eximbank") announced it held the EDCF Advisory Committee at Seoul Garden Hotel, Mapo-gu, Korea, on May 30.

 * 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.

 

 

□ Since 2013, Korea Eximbank, as the implementing agency of EDCF has regularly convened the EDCF Advisory Committee. The committee is composed of private sector experts from civil society, academia, and related industries, aimed at gathering diverse opinions for the fund operations.

 

 

□ Attended by approximately 20 participants, including Korea Eximbank executives and advisory committee members, the committee meeting held in-depth discussions over mid-term management plans, evaluation strategies, as well as measures to enhance communication for effective operation plans of EDCF.

 

 ㅇ EDCF has designated green and digital sectors as its priority areas of support to assist developing countries in climate change response and develop digital infrastructure. It plans to further expand the scale of support in these areas in the future.

 

 ㅇ In addition, EDCF aims to ensure the qualitative improvement of fund operations by enhancing the project result evaluation system to increase project effectiveness and strengthen domestic and international cooperation by promoting result sharing and expanding linkages between grants and loans.

 

 

□ University of Seoul President Won Yongkul (also a member of Committee for International Development Cooperation) who participated in the committee remarked, “Bipolarization between countries has been intensified since the COVID-19 outbreak. In this regard, EDCF’s roles to overcome climate risks in developing countries and narrow the digital gap are critical.“

 

 

□ Korea Engineering & Consulting Association Vice President, also a member of the committee, welcomed EDCF’s plan to strengthen domestic and external cooperation and urged Korea Eximbank to expand communication with domestic engineering companies, actively promoting their entry into overseas markets and economic cooperation.

 

□ Korea Eximbank Chairman Yoon Hee-sung said, “Amid global economic and social crises such as the global economic recession, climate crises, and international conflicts, EDCF will continue to reinforce economic cooperation with developing countries and support sustainable development in the international community.” He also added, ”By incorporating the discussions at today’s committee meeting, we will continue to effectively operate EDCF in the future.”