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Press Release

Korea Eximbank Holds First "EDCF Environmental Social Advisory Meeting"

Date 2021.12.01 View 10416

□ The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Bang Moon-kyu, “Korea Eximbank”) announced on December 1 that it held its first "EDCF* Environmental and Social Advisory Council Meeting" at its headquarters on Yeouido on November 30.

* The Economic Development Cooperation Fund (EDCF) : Korea Eximbank has been entrusted by the Ministry of Strategy and Finance of Korea to operate and manage its economic aid fund program 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 established the EDCF Environmental and Social Advisory Council to adopt broad views and different opinions from external experts on potential environmental and social issues in EDCF funded projects.? With the launch of the advisory council, it is expected that environmental and social risks that may arise while implementing EDCF projects can be prevented in advance from the initial stages of the projects.

 

○ The advisory council consists of nine external experts in the environment field from academia, research institutes, civil society, and environment associations.

 

 

□ The EDCF Environmental and Social Advisory Council aims to analyze the trend of environmental and social policies at home and abroad, seek new directions for EDCF Safeguard Policy*, and assess the preparation status of individual projects as a risk prevention measure.

* EDCF Safeguard Policy: Introduced in February 2016, it aims to enhance the sustainable development capability of recipient countries and to properly manage various environmental and social risks that may occur during the project implementation process.

 

 

□ During the meeting, the advisory council examined the EDCF Safeguard Policy and had a detailed discussion on environmental and social risks and mitigation measures for new projects in India and El Salvador.

 

 

□ Former director of the United Nations Center for Sustainable Development Yoon Jong-soo who was appointed chairperson of the advisory council said, "While Korea's ODA has achieved quantitative growth over the past decade, EDCF has played a big role in creating the infrastructures recipient countries needed for their economic development."

 

 

□ Head of the EDCF Coordination Group at Korea Eximbank Lee Sang-ho said “Korea Eximbank has recently announced its ESG management roadmap and declared that the bank will spearhead the strengthening of Korean companies' global ESG competitiveness.“ He added, “We will actively reflect what we discussed in the meeting in order to meet our ESG management principles during the project preparation and review processes.“

 

 

□ Korea Eximbank plans to hold the EDCF Environmental and Social Advisory Council meetings on a regular basis to add expertise to EDCF projects, increase fairness and transparency, and prevent the risks of possible environmental and social conflicts.